Unit1 Test review

prepared, done, or acting with sole or chief emphasis on salability, profit, or success

• Need

• Commercial

• Want

• Budget

requirement to live

• Need

• Want

• Competition

• Budget

something desired

• Need

• Budget

• Want

• Competition

expected income and expense for a given period in the future

• Budget

• Need

• Want

• Competition

the money, or amount of money, received from one’s employment

• Tax

• Income

• Revenue

• Import

something that is owed or that one is bound to pay

• Import

• Export

• Debt

• Revenue

insufficiency or shortness of supply

• Scarcity

• Debt

• Income

• Competition

an economic and political doctrine holding that a capitalist economy can regulate itself in a freely competitive market through the relationship of supply and demand with a minimum of governmental intervention and regulation.

• Free Enterprise

• Goods

• Services

• Export

economics commodities that are tangible, usually movable, and generally not consumed at the same time as they are produced

• Goods

• Services

• Free Enterprise

• Export

to ship (commodities) to other countries or places for sale, exchange, etc

• Import

• Free Enterprise

• Goods

• Export