Economy 1
Economy 2
Economy 3
Economy 4
Economy 5
100
The prices of goods go down when the ________________ is high.
supply
100
Sales and property ________________ are collected and used to pay for public goods and services.
taxes
100

The amount a consumer is willing to pay for a good or service

What is a price?

100
The place where consumers and businesses interact is the ___________.
market
100
The prices of goods go up when the ______________ is high.
demand
200
A small business owner taking a risk at starting a new business is considered an _________________.
entrepreneur
200

A person or business that supplies consumers with a good or service

What is a producer?
200

The money remaining after the costs of a business have been paid

What is profit? 

200

Money that is owed, when you buy something on credit

What is debt?

200
Private businesses borrow money or take out a ______________ to make products or pay their workers.
loan
300

Exchanging good and services 

What is trade? 

300

A plan for spending money

What is a budget?

300

The money people earn for work

What is income? 

300

Their role is to put account holders' money to use by lending it to others to buy homes, businesses, and other financial demands

What are banks? 

300

A reserve of money for unexpected expenses or future purchases

What are savings? 

400

Focusing on providing one kind of product or service means you ____________ in it.

Specialise

400
People may deposit their income into a checking account in hopes to make more money by building ________________ in the account.
interest
400

Part of its role is to collect taxes

What is the government?

400
When business owners sell the same product and must compete for customers, there is _________________ in the market.
competition
400

Something that motivates a consumer to purchase one good over another

What are incentives?

500

What people give up to have something they need.

Wants

500

The final consumers of goods and services and create demand in the market

What is the household?

500

In the US, these include households, businesses, banks, and the government 

What are sectors?

500

The USA has this kind of economy

What is capitalist? 

500

Create goods and services that households or consumers want and need

What is private business?

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