Basic Economics

An entrepreneur is someone who 

If an economy experiences a period of economic decline

Trade by exchanging one good or service for another

Scarcity is known as a 

Something you pay for but don't own 

An economic system where beliefs and customs decide what people do, make, buy, and sell

Things you can own. 

The growth in free trade between countries of the world

A continued rise in prices

What happens to the paper market when the cost of wood increases?

This type of economy allows the individual to make choices about what to make, sell, and buy

What is given up or sacrificed, such as time or money, to make or buy something else

A good brought into a country from another country

The amount of a good or service a producer wants to sell 

A major earthquake hits Los Angeles. What happens to the market for building supplies?

The amount of something a consumer wants to buy

The point where a business can make the most profit 

An economic system where a central government decides what goods and services will be made 

What happens to the market for gasoline when the supply of world oil begins to decrease? 

When inflation rises money buys