| Term | Definition |
|---|
| goods | things people buy |
| services | work done, or service performed for others |
| economy | a system for the management, development, and distribution of resources |
| Free Enterprise System | The freedom of private businesses to operate competitively for a profit |
| profit | money left after business costs have been paid |
| supply | the amount of a good or service that is available |
| demand | the amount of a good or service that people are willing to buy, at a given time, for a given price |
| scarcity | insufficient amount or supply of a good or service |
| opportunity cost | things you wanted, but didn't have enough money to buy |
| salary | wages paid to an employee |
| consumers | people who go to stores to buy things |
| division of labor | each worker does a special job, then passes the work on to the next person |
| producer | a person who makes or provides goods or services |
| prices of items are determined by: | supply and demand for items plus business costs |
| A person doing a job which they do better than anyone else is known as: | specialization |
| losses and theft in a business are eventually paid for by: | the consumer |
| Why would prices change during the day at Enterprise City? | The demand for the product changed |
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