Ohio History Ch10 Lessons1-2

These people make goods and services

• consumers

• producers

• buyers

When there are not enough resources to make all of the products people want, there is a

• supply

• consumers

• scarcity

People can own and run their own businesses. This is called

• scarcity

• free enterprise system

• supply

The money leftover after businesses pay for wages, tools, and other costs

• profit

• supply

• scarcity

These people buy and use goods and services

• producers

• consumers

• sellers

The amount of a good that producers are willing and able to provide at various prices during a given time

• demand

• profit

• supply

The amount that consumers are willing and able to buy at various prices during a given time

• demand

• supply

• profit

You have the option of buying two different items. The value of the second best choice, or the one you don't buy, is the

• profit

• lost cost

• opportunity cost

To sell to or trade with another country

• specialization

• export

• import

To buy goods from another country

• specialization

• export

• import