Economics Vocab

4. The person who makes the goods
7. The right to make decisions for an individual’s business or property
11. The government’s job is to protect property rights.
12. What consumers are willing to buy at a given price
13. When different businesses compete for consumers’ money such as Walmart v. Target or Microsoft v. Apple.
14. An activity that someone is paid to perform

1. A person who buys goods and services
2. Individuals own businesses and property rather than the government
3. The way people earn and spend money
5. The name of Adam Smith’s idea of a free market economy
6. The money left over after all expenses are paid
8. The things that people sell
9. People or businesses offering goods for sale
10. The money received in payment for goods or services (rent, wages, interest)