Chapter 4 Economics Vocab

What are the products you can buy that satisfy people’s wants?

• Services

• Goods

• Incentives

• Needs

Who is someone who takes the risk of producing a product or starting a new business?

• Manager

• Investor

• Entrepreneur

• Consumer

What is the money a business makes after it pays all its costs?

• Free Enterprise

• Invest

• Interest

• Profit

What is the payment used for borrowing money or the money you can earn from having your money in a bank account?

• Opportunity Cost

• Interest

• Profit

• Incentive

What is an economy where the government decides what goods and services should be produced and sold?

• Free Enterprise System

• Mixed Economy

• Market Economy

• Command Economy

What is it when there is not enough of something or it is limited?

• scarcity

• choice

• needs

• wants

What is something you must have to live?

• choice

• goods

• needs

• wants

Who are people who buy and/or use goods and services to satisfy wants?

• investor

• banker

• consumer

What is the term for things or activities you pay for that others do for you?

• wants

• services

• goods

• needs

What is to make a decision?

• demand

• consumer

• choice

• interest