economics vocab

1. individuals own businesses and property rather than the government
5. what consumers are willing to buy at a given price
6. the money received in payment for goods or services (rent, wages, interest)
8. the way people earn and spend money
11. an activity that someone is paid to perform
14. 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.
15. the founder of a business. Someone who assumes the risk of organizing resources to produce goods and services. Someone who sees an opportunity to make money and takes it.
16. the name of Adam Smith’s idea of a free market economy
18. the things that people sell

1. the right to make decisions for an individual’s business or property
2. Scottish economist who came up with the idea of capitalism. He is known as the father of modern economics, wrote the Wealth of Nations, and influenced the Founding Fathers of the United States.
3. the person who makes the goods
4. the government’s job is to protect property rights.
7. when different businesses compete for consumers’ money such as Walmart v. Target or Microsoft v. Apple.
9. an economic system where businesses and property are privately owned. The price and amount of goods traded are based on supply and demand and has little government regulation.
10. people or businesses offering goods for sale
12. a person who buys goods and services
13. the money left over after all expenses are paid
15. the government’s right to take private property for public use as long as they pay a fair price to the owner
17. the amount the seller has to sell at a particular price