Unit 7 Economics

Business Owner, someone who assumes the risks of a Business

• Capital

• Labor

• Entrepreneur

• Free Enterprise

Materials used by humans such as water, forests, animals, fuel, etc.

• Labor

• Wants

• Needs

• Natural Resources

The study of making, buying, and selling goods and/or services

• Capitalism

• Economics

• Free Enterprise

• Monopoly

When a company controls all the production of a good or service. - No competition

• Scarcity

• Profit

• Monopoly

• Entrepreneur

When buyers will demand more products when they can by them at lower prices and fewer products when they must buy them at a higher price.

• Law of Supply

• Economics

• Law of Demand

• Scarcity

Money invested in a business; property and equipment used to produce a good or service

• Labor

• Needs

• Profit

• Capital

The income a business has left after paying its expenses

• Capital

• Labor

• Profit

• Capitalism

Basics needed for life

• Law of Supply

• Law of Demand

• Needs

• Wants

Businesses will provide more products when they can sell them at a higher price and fewer products when they sell them at a lower price

• Scarcity

• Law of Supply

• Law of Demand

• Monopoly

Economic system in which the productive resources are owned by private citizens.

• Monopoly

• Entrepreneur

• Free Enterprise

• Capitalism