A Modern Economy

A person who buys and uses goods and services...

• pilot

• customer

• consumer

• shopper

An economic system in which businesses are free to decide what they want to make and sell. Competition is encouraged. This system is also known as free enterprise...

• capitalism

• oligarchy

• monarchy

• totalitarian regime

The type of economy in which individuals or companies are free to buy and sell goods and services without government control...

• democracy

• republic

• free market

• socialism

The result when there are not enough goods or services to satisfy consumers...

• scarcity

• drought

• famine

• theft

The level of desire of consumers for a good or service...

• preference

• interest

• demand

• want

A person or business who makes goods...

• lawyer

• producer

• store

• judge

The amount of goods or services available to consumers...

• Congress

• trench

• surplus

• supply

The cost of making a choice or purchasing an item...

• opportunity cost

• price

• labor

• discount