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Definition
| an economy where people are free to decide how to answer the three economic questions of what to make, how to make it, and for whom to make it. |
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| an economy where the government decides what to make, who will make it, and who will get it. |
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| the money left over after a business pays its expenses. |
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Term
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Definition
| there are four of these: natural and human resources, capital goods, and entrepreneurship. |
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| source of things that come from nature that people use to create items to live and sell to make money. |
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Definition
| the services, knowledge, skills, education, and intelligence that workers provide. |
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| (also called capital resources) the tools, machines, buildings, and other equipment that a business uses. |
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| a person that uses productive resources to start a business who is willing to take risks by investing their time and money into a business that may or not be successful. |
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Definition
| two people or groups that depend on each other for success. |
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| the money or other benefit that is lost when deciding what to do; it is what someone gives up to get something else. |
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| a lack of supply of some product that is in demand. |
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Definition
| someone who makes or sells goods or services for consumers. |
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Term
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Definition
| someone who buys or uses goods or services. |
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