Economics Review

4. a continued rise in prices or the supply of money
5. Thing you give up by making a choice is ____ cost
6. ownership by an individual or business is ____ property
9. Economic system where trade is controlled by people, not by federal businesses.
13. a period of slow economic growth or decline
14. Work at just one particular kind of job or produce one particular kind of thing
15. A person who makes and sells goods and services is ________
16. Who was the first steel tycoon in history?
17. the wants and needs of material things in society are ___
18. Land, labor, entrepreneurship, and ____ are the factors of production
19. Who was the first railroad tycoon in history?

1. A system that requires absolute obedience to one leader is an ______ system
2. Producing maximum output with minimum input, or cost
3. To change from private ownership to government ownership.
6. The money a business has left after it has paid all its costs
7. Something making you want to choose a certain way
8. Work that one person does for another, for payment
10. Graph that shows amounts of two products that can me made with given amount of resources is a production _________ curve
11. only one company makes a product and they control the prices
12. an organization of workers who strive for improvements in the workplace is a labor ________