Economics Vocab

3. rights- the right to make decisions for an individual’s business or property
4. the founder of a business. Someone who assumes the risk of organizing resources to produce goods and services. Someone who sees an opportunity to make money and takes it.
5. or buyer- a person who buys goods and services
6. the things that people sell
7. economy (communism)- an economic system where property and business are owned by the government. The government makes choices about producing and pricing. The consumers have no choice.
8. economy an economic system where businesses and property are privately owned. The price and amount of goods traded are based on supply and demand and has little government regulation.
11. what consumers are willing to buy at a given price
12. people or businesses offering goods for sale
15. when different businesses compete for consumers’ money such as Walmart v. Target or Microsoft v. Apple.
17. property- individuals own businesses and property rather than the government

1. the name of Adam Smith’s idea of a free market economy
2. the amount the seller has to sell at a particular price
3. the person who makes the goods
6. the money left over after all expenses are paid
9. of government the government’s job is to protect property rights.
10. the money received in payment for goods or services (rent, wages, interest)
13. an activity that someone is paid to perform
14. the way people earn and spend money
16. domain the government’s right to take private property for public use as long as they pay a fair price to the owner