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
When new products become available and demand for the old products shrinks, what happens to the price of the older products?
the price drops (goes down)
100
Which word best describes people who open small business, take risks, and do a lot of the work themselves?
entrepreneurs
100
The difference between the cost to produce an item and the selling price is called __________.
profit
200
A small business owner taking a risk at starting a new business is considered an _________________.
entrepreneur
200
When business owners sell the same product and must compete for customers, there is _________________ in the market.
competition
200
A magazine only costs $2.00. Why would a customer have to pay 14 cents more than the magazine's price?
paying taxes
200
All businesses are motivated by the desire to earn a ________.
profit
200
A small hardware store closes when a large store opens nearby. This is an example of ________________.
competition
300
People may deposit their income into a checking account in hopes to make more money by building ________________ in the account.
interest
300
Products that are made, such as clothes, food, and shoes are ______________.
goods
300
Traffic signs and signals, county health inspectors, and water lines are public goods or services.
A teenage babysitter is an example of a _______ good or service.
private
300
Why would a person be willing to risk losing money in starting a new business?
The person believes the business has a greater chance of succeeding than failing.
300
Consumers have to make a lot of spending decisions. Choosing to buy a cheaper item means that they can buy __________ items.
More or less?
more items
400
When you pay someone for something, such as being served at a restaurant or getting a haircut, you are paying for a ________________.
service
400
The prices of goods go up when the ______________ is high.
demand
400
Which kind of company cannot limit its services to specific people or areas: public or private?
public... because they are paid for by public funds ($)
400
Opening a new store in a new city is an example of a business taking a _______.
risk
400
What must occur in order for a business to make a profit?
The amount of money earned must be greater than the amount spent to start the business.
500
The place where consumers and businesses interact is the ___________.
market
500
Private businesses borrow money or take out a ______________ to make products or pay their workers.
loan
500
Public goods and services, like school buses or unemployment benefits, are paid for by _________.
taxes
(Unemployment benefits help people pay bills when they lose their jobs.)
500
The best way, or plan, for buying expensive items is using a personal, spending _________.
budget
500
CHALLENGE: What do you call the thing you give up to get the thing you want?
Hint: (two words)