1.
A person doing a job which they do better than anyone else is known as:: specialization
2.
consumers: people who go to stores to buy things
3.
demand: the amount of a good or service that people are willing to buy, at a given time, for a given price
4.
division of labor: each worker does a special job, then passes the work on to the next person
5.
economy: a system for the management, development, and distribution of resources
6.
Free Enterprise System: The freedom of private businesses to operate competitively for a profit
7.
goods: things people buy
8.
losses and theft in a business are eventually paid for by:: the consumer
9.
opportunity cost: things you wanted, but didn't have enough money to buy
10.
prices of items are determined by:: supply and demand for items plus business costs
11.
producer: a person who makes or provides goods or services
12.
profit: money left after business costs have been paid
13.
salary: wages paid to an employee
14.
scarcity: insufficient amount or supply of a good or service
15.
services: work done, or service performed for others
16.
supply: the amount of a good or service that is available
17.
Why would prices change during the day at Enterprise City?: The demand for the product changed