Economics

4. centrally controlled economy
5. jobs or workers
6. people who buy or use goods and services to satisfy their wants
9. private ownership of property and resources
10. the branch of knowledge concerned with the production, consumption, and transfer of wealth
15. the choice not taken; what you “give up” to choose the other option
18. individuals and businesses have the right to own real and personal property as well as the means of production without undue interference from the government
19. markets are generally allowed to operate without undue interference from the government
20. most economies today

1. people often perform the same type of work as their parents and grandparents
2. consumers determine through purchases what goods and services will be produced
3. the demand for a good or service is greater than the availability of the good or service
7. the amount of an asset or resource that is unused
8. all types of businesses that are related to the same good or service
11. individuals have the opportunity to create a business and earn profits
12. money and manmade objects used to make products or perform services
13. people who make or grow goods and provide services
14. a person who risks starting a business to earn a profit
16. rivalry between producers and/or between sellers of a good or service usually results in better-quality goods and services at lower prices
17. natural resources & raw materials used to make products