Economics

2. the name of Adam Smith’s idea of a free market economy
6. the founder of a business.
8. the right to make decisions for an individual’s business or property
9. the person who makes the goods
10. the things that people sell
11. Scottish economist who came up with the idea of capitalism. He is known as the father of modern economics, wrote the Wealth of Nations, and influenced the Founding Fathers of the United States.
13. a person who buys goods and services

1. individuals own businesses and property rather than the government
3. 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.
4. an activity that someone is paid to perform
5. the money left over after all expenses are paid
7. the amount the seller has to sell at a particular price
12. what consumers are willing to buy at a given price