Question 1

person or a company who makes a good or service to sell to others

Accepted Answer

producer

Question 2

person or company who buys a good or service

Accepted Answer

consumer

Question 3

system in which producers have the right to create any goods or services they want

Accepted Answer

free enterprise system

Question 4

a free enterprise system in which supply and demand determines goods and services

Accepted Answer

market economy

Question 5

system in which the government decides what goods and services can be made and sold

Accepted Answer

command economy

Question 6

land homes, stores, and goods that people or companies own

Accepted Answer

private property

Question 7

type of money used in a particular place

Accepted Answer

currency

Question 8

to trade one type of good or service for another type

Accepted Answer

barter

Question 9

rise in the usual price of many goods and services

Accepted Answer

inflation

Question 10

money a business has left over after it pays all its costs

Accepted Answer

profit

Question 11

profit that a business earns over a period of time, such as a year

Accepted Answer

income

Question 12

amount of a product that businesses have available to see

Accepted Answer

supply

Question 13

amount of a product that consumers are willing to buy

Accepted Answer

demand

Question 14

amount of a resource is limited

Accepted Answer

scarcity

Question 15

is the value of something you didn't buy when choosing between two items

Accepted Answer

opportunity cost

Question 16

things that encourage us to take an action

Accepted Answer

incentives

Question 17

use of public notices to bring attention to a product or service

Accepted Answer

advertising

Question 18

the money a bank pays you when you keep it there; added to an account regularly usually once month

Accepted Answer

interest

Question 19

new inventions, or ways of doing things

Accepted Answer

innovations

Question 20

goods that are brought from another country to be sold here

Accepted Answer

imports

Question 21

goods that are shipped to another country to be sold there

Accepted Answer

exports

Question 22

separation of a work process into a number of different jobs

Accepted Answer

division of labor

Question 23

division of labor is what allows this; ability of a company, or group, or person to focus on a single task

Accepted Answer

specialization

Question 24

amount a company can produce with a certain amount of labor

Accepted Answer

productivity

Question 25

process of hiring people to work outside of a company

Accepted Answer

outsourcing

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