Economics

3. the money received in payment for goods or services (rent, wages, interest)
6. the amount the seller has to sell at a particular price
10. the things that people sell
11. people or businesses offering goods for sale
12. the government’s right to take private property for public use as long as they pay a fair price to the owner
14. the money left over after all expenses are paid

1. 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.
2. an activity that someone is paid to perform
4. when different businesses compete for consumers’ money such as Walmart v. Target or Microsoft v. Apple.
5. the name of Adam Smith’s idea of a free market economy
7. a person who buys goods and services
8. the right to make decisions for an individual’s business or property
9. what consumers are willing to buy at a given price
13. the way people earn and spend money