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Chapter 2

Jamie and Sarah

All vocabulary from chapter 2

1                       2    
4   5 6 7          

1.methods societies use to distribute resources (2 Words)
3.economic resources needed to produce a societies goods and services (3 Words)
7.amount or quantity of goods or services that consumers are willing to buy and various prices
10.how much money is paid for a good or service
11.amount of goods and services businesses provide for various prices
12.things used to produce goods and services (2 Words)
13.economy that contains both public and private enterprises (2 Words)
14.people who make the goods and services for which they are paid (2 Words)
15.point at which the quantity demanded and quantity supplied meet (2 Words)
1.used by the people who recognize opportunities and start businesses (2 Words)
2.process of recognizing business opportunities, testing it in the market, gathering the materials
4.economic system in which a central authority makes the key economic decision (2 Words)
5.an economic system in which economic decisions are made (2 Words)
6.study of how individuals and groups of individuals strive to satisfy their needs and wants
8.raw materials from nature used to produce goods (2 Words)
9.individual who undertakes the creation, organization, and ownership of a business
11.a lack of products

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