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Word: Economics Definition: Science that studies the resources, the creation of wealth and the production, distribution and consumption of goods and services, to satisfy human needs . Sentence: Things that have price , have not got much value.

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word: Command Economy
Definition: Economy in which production, investment, prices and incomes are determined by a government.
sentence: The last thing this country needs is a command economy.

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word: wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing.
sentence:Instead, you have to find small things over which to argue, like whether the capital gains tax should be raised.

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Production possibilities curve: models a two-good economy by mapping production of one good on the x-axis and production of the other good on the y-axis.
Example:Sentence: Schumpeter was of the opinion that entrepreneurs shift the Production Possibility Curve to a higher level using innovations.

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Consumer Sovereinty:
The situation in an economy where the desires and needs of consumers control the output of producers.
Sentence: You need to be able to quickly react to the consumer sovereignty of your surrounding area and put out the products that they need.

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Word: Government Regulation
Definition: a rule of order having the force of law, prescribed by a superior or authority.
Sentence : The farm has several government regulation we have to follow.

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Opportunity Cost- the loss of potential gain from other alternatives when one alternative is chosen.
Sentence- The sacrifice they make by not producing a good is their opportunity cost.

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Word: Voluntary Exchange

Definition: Voluntary Exchange is the act of buyers and sellers interacting freely, basing their goods and prices on the wants/needs of each party.

Sentence: A man buying lemonade from a street corner is engaging in voluntary exchanxge

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Word: Scarcity
Definition: The state of being scarce or in short supply; shortage.
Sentence: The scarcity of water in the small town is destroying the livelihoods of most of the farmers.

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Word: Specialization

Definition: Specialization is the concentration of the productive efforts of individuals and firms on a limited number of activities.

Sentence:  Lawyers specialize in different areas of the law.

Example: Law

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Word:  Government Regulation
Definition: A law that controls the way that a business can operate , or all of these laws considered together.
sentence: Without government regulation we would have chaos
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Word: The Invisible Hand
Definition: term economists use to describe the self-regulating nature of the market place.
Sentence: The Invisible Hand is in all parts of the economy.

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Word: Land
Definition: Natural Resource used to  make goods/services.
Sentence: Land is used to harvest resources such as timber; which will be used to make products.

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Word:  Human Capital
Definition: the skills, knowledge, and experience possessed by any individual or population, viewed in terms of their value or cost to an organization or company.
Sentence: Education is an investment in human capital that pays off in terms of higher productivity.

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productivity
definition: The effectiveness of productive effort.
The workers have boosted productivity by 30%.

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Word: Price Stability

Definition: Avoiding both inflation and deflation.

Sentence: Inflation is a rise in the in the general price level of goods and services in an economy over a longer period of time resulting in a decline in the value of money and purchasing power.
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Word: Command Economy
Definition:  An economy in which production, investment, prices, and incomes are determined centrally by a government.

Sentence: The economy has been transitioning from a command economy to a market economy since 1985.

Example: North Korea

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Word: Entrepreneur
Definition: A person who organizes or operates a business or businesses.

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Word : Government Regulation
Definition -a law that controls the way that a business can operate , or all of these laws considered together .
Sentence -Voters want some government regulation to prevent these financial disasters from happening.
Example-tobacco

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Word: Marginal Cost

Definition: Marginal Cost is the cost of producing one more unit of a good.

Sentence: Marginal cost is used to help businesses calculate the ideal production level to earn the most profit.

Example:

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--Word: Economic Freedom

Definition: The fundamental right of every human to control his or her own labor and property. In an economically free society, individuals are free to work, produce, consume, and invest in any way they please.

Sentence: Economic Freedom is a term I learned in school.
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Word: Productivity

Definition: An economic measure of output per unit of input

Sentence: Productivity gains are vital to the economy, as they mean that more is being accomplished with less.

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Word: Factors of Production (CELL)
Definition: Land, labor, capital; the three groups of resources that are used to make all goods and services.
Sentence: There are certain factors of production that are required to start our business.
Example:

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Word: Traditional Economy
Definition: An economic system based off of traditions, beliefs, and customs. Countries with this type of economy are typically rural and agricultural.
Sentence: Bartering is commonly used in a traditional economy.

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Word:Mixed Economy

Definition:an economic system combining private and public enterprise.

Sentence:The United States Constitution established a mixed economy.

Example:

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Word: Economic growth
Definition: Is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time.

Sentence:  Creativity holds the key to economic growth.

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Word: Resource Allocation

Definition: How businesses divide their financial resources and other sources of capitol to different processes, people, and projects.

Sentence: In the U.S, resource allocation is determined by the people and the government.

Example :

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Word: Trade Off
Definition: a balance achieved between two desirable but incompatible features; a compromise.

Sentence: The education versus experience trade-off which governs personnel practices

Example:

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Word: Fiat Money
Definition: Fiat money is currency that a government has declared to be legal tender, but it is not backed by a physical commodity.

Read more: Fiat Money https://www.investopedia.com/terms/f/fiatmoney.asp#ixzz53hwXAA3U
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Sentence: The US economy uses Fiat Money on a daily basis

Example: US Money