Economics Vocabulary

2. Through their purchases, consumers determine what goods and services will be produced
3. Is the amount of a good or service that consumers are willing and able to buy at a certain price.
5. Rising of prices
8. What is given up when a choice is made
9. The amount of a good or service that producers are willing and able to sell at a certain price.
11. Inability to satisfy all wants at the same time
14. Interaction of consumers, businesses, and markets
15. Selecting an item or action from a set of alternatives
18. Rivalry between producers/sellers of a good or service
19. Using goods and services
20. Earnings after all expenses have been paid.
22. Amount of money exchanged for a good or service
23. Following after

1. Markets that are allowed to operate without undue interference from the government.
4. The combination of resources to make goods or provide services
6. A form of business organization with two or more owners who share the risks and the profits.
7. Distribution
10. A form of business organization with one owner who takes all the risks and all the profits.
12. Pieces/parts
13. Person who takes a risk to produce goods and services in search of a profit
16. A form of business organization that is authorized by law to act as a legal person regardless of the number of owners
17. Things that motivate or incite people to change a behavior
21. Factors used in the production of goods and services