2.04 vocabulary

1. The desire to make a profit which moves people to invest in business
6. manufactured or constructed items used in the production of goods or services
8. the rivalry between two or more businesses to attract scarce customer dollar
9. an economic system in which the question of what, how, for whom goods will be produced are answered by individuals and business in the marketplace
11. people who work to produce goods and services
12. the human, natural and capital goods used to produce goods and services
14. assumes the risk of starting a business
15. individuals and groups control a business or production rather than government

2. an economic systems in which individuals make most economic decisions but some government control and ownership exist
3. price determines what people buy
4. anything of value people own
5. items found in nature and used to produce goods or services
7. organized way in which a country handles it's decisions and solves it's economic problems
10. monetary reward a business owner for taking the risk involved in investing in a business; income left once all expenses are paid
13. anywhere the buying and/or selling of goods takes place