Economics Vocab

2. an activity that someone is paid to perform
4. 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.
6. the way people earn and spend money
8. a person who buys goods and services
11. the money received in payment for goods or services (rent, wages, interest)
13. 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.
15. 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.
16. the money left over after all expenses are paid
18. 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.
19. the government’s job is to protect property rights.

1. individuals own businesses and property rather than the government
3. people or businesses offering goods for sale
5. the right to make decisions for an individual’s business or property
7. the amount the seller has to sell at a particular price
8. the name of Adam Smith’s idea of a free market economy
9. the government’s right to take private property for public use as long as they pay a fair price to the owner
10. what consumers are willing to buy at a given price
12. the things that people sell
14. the person who makes the goods
17. when different businesses compete for consumers’ money such as Walmart v. Target or Microsoft v. Apple.