Economics Vocabulary

7. A person who buys goods and services
10. The amount the seller has to sell at a particular price.
11. 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.
13. Individuals own businesses and property rather than the government.
16. 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.
18. The government's right to take private property for public use as long as they pay a fair price to the owner.
19. 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.

1. The name of Adam Smith's idea of a free market economy.
2. The government's job is to protect property rights.
3. When different businesses compete for consumers' money.
4. what consumers are willing to buy at a given price
5. The way people earn and spend money
6. The things that people sell.
8. people or businesses offering goods for sale.
9. The money received in payment for goods or services (rent, wages, interest, or profit)
10. An activity that someone is paid to perform
12. The person who makes the goods
14. The right to make decisions for an individual's business or property.
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.
17. The money left over after all expenses are paid