Business vocab

5. Cost advantage a business gets when it produces more goods.
6. Decisions people make because resources are limited.
9. The value of the next best thing you give up.
11. Human effort used to produce goods and services.
12. Costs that change depending on how much is produced.
14. An economy where prices and production are decided by buyers and sellers.
15. Natural resources used in production.

1. An economy where the government decides what is produced and how.
2. Costs that stay the same no matter how much is produced.
3. An economy that combines government control and free markets.
4. A graph that shows how much buyers are willing to buy at different prices.
7. The ability to start and run a business, taking risks.
8. Man-made tools and machines used to produce goods.
10. Resources used to produce goods and services.
13. graph that shows how much sellers are willing to sell at different prices.