A budget in which revenue equals expenditures
An amount by which income exceeds expenditures
The amount by which expenditures exceed income
An economic system in which individuals are free to compete, to earn a living, to earn a profit, and to own property
An economic system in which buyers and sellers are free to exchange goods and services as they choose
The problem of limited resources
Law of Supply
An economic rule that states that business will provide more products when they can sell them at higher prices and fewer products when they must sell them at lower prices
Law of Demand
An economic rule that states that buyers will demand more products when they can buy them at lower prices and fewer products when they must buy them at higher prices
Principle that business owners in a free market are allowed to run their busineses in any way they see fit, with little government interference
An economic system based on private ownership of the means of production
A company that controls all productions of a good or service
Human effort used to make goods and services
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