JR DECA Vocabulary Review

The current price at which a good or service can be sold.

• surplus

• shortage

• market price

The cost of running a business.

• revenue

• expenses

• shortage

How much of something producers are willing to make.

• supply

• demand

• marketing

When there is a want or a need for a good or service that isn't being met.

• competition

• shortage

• opportunity

Producers have made too much of a product or service.

• surplus

• demand

• service

Business managed by independent companies or private citizens instead of by government.

• market economy

• economy

• private enterprise

A person who sees an opportunity and takes a risk to start a new business.

• ethics

• entrepreneur

• private property rights

Money coming into a business as a result of sales.

• revenue

• surplus

• economy

Citizens are allowed to choose who to work for and how to spend their money.

• opportunity

• freedom of choice

• market economy

A business can lose money when expenses are greater than revenue.

• profit

• shortage

• loss