Loss
Free Enterprise
Scarcity
Economics
Interdependence
Opportunity Cost
Goods
Specialization
Taxes
Supply
An Entrepreneur
Service
Producer
Profit
Demand
Consumer
Barter
Competition - companies compete with one another to get the most customers, and therefore, make the most money. A company may have to lower the sale price of its goods because it has to compete.
Anyone who makes or grows a good or performs a service.
"to trade"
When people depend on one another.
The process of choosing one good or service over another. The item that you don’t pick is the opportunity cost.
Anyone who buys a good or a service.
When there are limited resources, and therefore, people must make choices.
An object or merchandise that you can physically buy, trade or give.
When a producer sells their goods at below cost price and therefore lose money from the sale.
The amount or quantity of something that providers are willing to bring to the market at a given price.
The study of the making, buying, and selling of goods or services.
The quantity of a good or service that consumers and businesses are willing and able to buy at a given price in a given time period.
The money that the government collects from individuals and businesses to pay for public goods and services.
The excess amount added to an item's cost price that allows its producer to make money from the sale.
A person who comes up with a product or service, or a better way to produce one.
When an individual or a company specializes in doing one part of a task, and relies on others to complete the other parts.
Any kind of work performed for others.
