Individual consumers and producers make economic decisions based on the principles of freedom, competition, and profit.

The central government makes all economic decisions.

An economic system combining private and public enterprise.

A desire for a certain good or service.

The amount of a good or service that producers are willing and able to offer for sale at various prices is called ___________________.

The money or the time you spend on one thing cannot be spent on something else. The cost of what you have to give up.

People or businesses that make and sell goods or services.

People or businesses that buy or consume goods or services.

The United States has a mixed economy.

What does not having enough of a resource to meet consumer demand create?

When demand decreases what happens to prices?

The system of producing, selling, and buying goods and services is called_________________.

The money you have left after expenses have been paid is called_________________.

____________ is the money or wages earned from a job