Biztown Unit 1 Vocabulary

An organization developed to increase the well-being of others in certain areas or good causes.

Payments that citizens and businesses are required to make to a government.

A company that sells good or services. 

A situation in which people cannot have everything they want because of limited resources. 

People who buy and use goods and services.

The value of the next best alternative given up when a choice is made. 

The amount of money charged for a good or service. 

A person who uses resources to start a business. 

Being accountable for one’s own actions and obligations.

The effort to increase the well-being of people through charitable giving.

A place where people live, work, trade, and share. 

Merchandise and skills offered in markets for a price.

A good produced and offered for sale.

The exchange of money, goods, and resources in a market economy.

The money that is left over after a business pays all its costs. 

A model or sample of a product to be produced. 

The people and things needed to produce goods and services. 

Work done for others, such as haircuts or car repairs. 

System where economic decisions are made by people/businesses with little government influence.

A person who creates or supplies goods or services.

A model of the movement of goods, services, resources, and money in an economy.

The freedom to act in a certain way. 

Personal habits and attitudes that promote the well-being of a group. 

Things used in production that occur naturally in the world. 

Things made by people and used to produce goods or offer services - a factory for example. 

A system that guides how money is earned and used in a society.  

Members of a town, city, county, state, or country. 

Things people buy and use.

Goods or services provided by a government for the use of all people.

The labor, skills and abilities of workers used in production.