Economics Vocab Crossword

6. Smith 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.
8. when different businesses compete for consumers’ money such as Walmart v. Target or Microsoft v. Apple.
10. or buyer a person who buys goods and services
11. rights the right to make decisions for an individual’s business or property
12. the person who makes the goods
13. the name of Adam Smith’s idea of a free market economy
14. 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.

1. the things that people sell
2. 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.
3. what consumers are willing to buy at a given price
4. the way people earn and spend money
5. of government the government’s job is to protect property rights.
7. the money received in payment for goods or services (rent, wages, interest)
9. people or businesses offering goods for sale
11. property individuals own businesses and property rather than the government