Money that is made in a business

Activities performed by people, firms or government agencies to satisfy economic wants.

An economic system where free competition and prices are determined by the interaction of supply and demand.

The way a country uses money and resources.

People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services.

People and firms that use resources to make goods and services.

Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest and dividends.

The amount of a good or service that producers are willing and able to offer for sale at each possible price during a given period of time.

The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.

Mollie goes to the store and buys candles for her Mom’s birthday. Mollie is the

Ginny opens a nail salon. People pay Ginny to paint their nails. Ginny is the

Rachel makes chocolate chip cookies and sells them at the school bake sale. Rachel is the

Bailey buy pays for groceries, including milk, bread, and vegetables at the grocery store. Bailey is the