Economics Vocabulary

2. An activity that someone is paid to perform.
6. When different businesses compete for consumers’ money such as Walmart v. Target or Microsoft v. Apple.
8. The person who makes the goods
11. 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.
12. The name of Adam Smith’s idea of a free market economy
14. the way people earn and spend money.

1. The money left over after all expenses are paid
3. 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.
4. The money received in payment for goods or services (rent, wages, interest)
5. People or businesses offering goods for sale.
7. The things that people sell.
9. A person who buys goods and services.
10. What consumers are willing to buy at a given price
13. The amount the seller has to sell at a particular price