WorksheetsFree Enterprise System Vocabulary
Total questions: 16
Worksheet time: 8mins
______ is how much of a good there is for people to buy.
demand
supply
scarcity
surplus
_____ is the amount of a good or service that consumers are willing to purchase.
demand
surplus
scarcity
supply
What is the money left over after a business pays all its expenses called?
spendings
earnings
cost
profit
A free enterprise system means __________.
The government DOES NOT tell the people what they can make or sell.
The government DOES tell the people what they can make or sell.
What is the situation when the demand for something is higher than the supply?
demand
scarcity
supply
______ refers to obtaining money in the form of a loan or credit card.
spending
borrowing
saving
income
An example of a good is ______.
swim lessons
a lawn service
a haircut
a video game
An example of a service is ______.
clothes
food
a haircut
a video game
What do you call the added cost, you have to pay back, when you borrow money?
savings
interest
surplus
What is one of the primary ways people can earn money?
debt
labor
interest
What do you call the amount of money that is earned as a result of labor?
saving
donations
income
spending
What is the act of giving money, goods, or services to businesses without expecting something in return?
budget
donating
spending
earning
Wendy went the mall and bought a Squishmallow. This is an example of ______.
budget
donating
spending
earning
Bob is mowing lawns this summer. He is paid $20 per lawn. This is an example of _____.
budget
donating
spending
earning
Allison wants a new bike that costs $75. Each week she is ______ $10 from her earnings.
saving
borrowing
spending
earning
A plan for saving and spending money is called a _______.
saving
borrowing
budget
scarcity
