Economics Vocabulary

2. - goods and services
4. - the rights of individual to own property with in an economic system
8. - a business organization made up of a legal entity owned by individual stockholders
9. freedom - the right to make your own economic decisions
12. - a business organization owned by two or more people
15. - the flow of resources and finished products between businesses and households
16. economic system with centrally planed economy and government control
22. - a curve that shows alternative ways to use economic resources
23. - offering that encourages people to behave in a certain way
24. income - rent, wages, interest, and profit

1. - using fewer resources than an economy is capable of using
3. limited quantities of resources to meet unlimited wants
5. expenditure - money spent by households to purchase products
6. - economic system with evenly distributed wealth and combined government control and private ownership
7. - The market in which households are sellers and businesses are buyers
9. - using resources in such a way as to maximize the production of goods and services
10. - the market in which businesses are sellers and household are buyers
11. - economic cost of choices
13. - Land, labor, capital, entrepreneurship
14. - economic system with private ownership and very little government intervention
17. - the flow of money as income and consumer expenditures between households and businesses
18. - the struggle among producers to gain the business of consumers
19. - the model showing the flow between households and businesses
20. - the sector of the economy that purchases resources and provide products
21. - the sector of the economy that provides resources and purchases products