Chapter 1+2 Vocabulary

4. Economic system in which individuals and businesses own the factors of production, and buyers and sellers choose to do business with those who satisfy their needs and wants best.
6. Human-made goods that people use to produce goods and services; money or other resources used to create wealth.
8. A sea route between the Atlantic and Pacific Oceans located along the North coast of North America.
10. A community of living things and the surroundings in which they live.
12. Natural feature of the Earth's land surface.

1. The cost of the next best use of time and money when choosing to do one thing or another.
2. Economic system in which people and businesses are free to own the means of production and to compete for profit with a minimum of government interference.
3. The sharing of power between the national government and state and local governments.
5. To go around completely; to sail around the world.
7. Spanish explorer in the Americas in the 1500s.
9. Resistance of an organism to infection or disease; the condition of being unaffected by something.
11. A tax on imports.