Econ 4th 2

Lower costs of human, natural or capital resources result in _____ profits.

When businesses sell the same good or service, they are in ____________.

In a market economy, ____________ drive production.

Businesses compete for _________ with a goal of earning a profit.

Factory workers and teachers are

When you buy something at the store, you are a ___________.

In the United States, we have a

a good that people in one country sell to people in another country

When a business makes more money then it takes to run the business, it makes a

consumers' willingness and ability to purchase a good or service

Producers and consumers are both important in a (an)

_____________ competition can affect jobs, prices of good, and quality of goods in the US

________ costs of resources result in higher profits for businesses.

Someone who makes goods or services

Restaurants are often in ______________.

Competition can lead to a ____________ in price.

Substitute goods

Money travels from people to businesses and back to people again in a

Changes in the economy often lead to people being

Trading goods and services with others for other goods and services or for money

a good that people in one country buy from people in another country

a person with a job is

money people earn by working

Businesses compete for consumers with a goal of earning a ____________.

Circular flow includes a _________ for resources and a market for goods and services.

what people pay when they buy a good or a service

money or value gained

Someone who buys goods or services

_______________ can lead to a decrease in prices.

The consumer is king since consumer decisions determine what is produced

When prices decrease, demand for that good or service _______________.

The amount of a product or service that is available for consumer to buy