Chapter 1: What is Economics?

State of having a limited number of resources to produce the things that people need and want

The ___is made up of people who work for money

The amount of money that is left after production is paid for

An ____is a person who decides how to combine resources to create new goods and services.

Anything that is used to produce goods and services.

The U.S has a ______economies

4 principles of ___are voluntary exchange, private property rights, profit motive & competition

The main role of the U.S _____in economics is to protect the country's citizens.

Something a person can't live without.

Physical items

Something a person would like to have that is not necessary for survival.

The exchange of goods, services, or money is called a

The U.S government makes laws that protect people from unsafe products and __

Actions. one person does for another person

Entrepreneurs combine_____ to create new goods and services.

In a __economy, the government decides what companies will be formed and how they will run