Economics Vocabulary

2. the things that people sell
4. the amount the seller has to sell at a particular price
6. the money left over after all expenses are paid
8. They way people earn and spend money
9. the founder of a business.
11. what consumers are willing to buy at a given price
12. When two companies compete for business
14. the government’s right to take private propertyfor public use as long as they pay a fair price to the owner

1. the name of Adam Smith’s idea of a free market economy
3. the government’s job is to protect property rights.
5. and activity that someone is paid to perform
7. the money received in payment for goods or services
10. 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.
13. the person who makes the goods