How Does Ohio's Economy Work?: Pages 278/281

People can own and run their own businesses in this system.

• free enterprise

• opportunity cost

• demand

People who make goods and services

• producers

• consumers

• profit

People who buy goods and services

• consumers

• producers

• scarcity

The money that is left over after wages, tools, and other costs have been paid.

• profit

• demand

• scarcity

When there are not enough resources to make all of the products that people want.

• scarcity

• profit

• demand

The amount of something that producers are willing and able to provide at a given price and time.

• supply

• demand

• scarcity

The amount of goods that consumers are willing and able to buy at a given price and time.

• demand

• supply

• scarcity

Popcorn, bracelets, water globes, and brownies are examples of ......

• Goods

• Services

• Demand

In a free enterprise system, people who begin a business take ......

• risks

• profits

• ideas

Human made materials such as buildings, tools, and machinery are called ....... goods.

• capital

• supply

• demand