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Chapter 17 Vocab: The Economic System

Mr. Johnston Civics

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3.the idea in a market economy that you have the right to buy and sell goods as you want
6.a company has this if they have complete control over one product or service
7.small businesses owned by one person
8.gives person exclusive right to make and sell your invention for a certain number of years
10.the lack of a particular resource
11.exclusive right to sell or publish a piece of writing, music, or art
19.Organizations that provide goods and services without seeking to earn a profit
20.money a business has left after it has paid its expenses
21.person who owns shares in a corporation
23.Economic system in which individuals are free to compete, to earn a living, to earn a profit, and to own property
24.principle that we have freedom to compete with little government interference
1.businesses will provide more products when they can sell them at higher prices
2.how people satisfy their needs by obtaining goods and services
4.An entrepreneur is a person who organizes, manages, and assumes the risks of business
5.merger of businesses that produce, supply, or sell a number of unrelated goods
9.Economic system based on Subsistence living and Bartering
11.created by people but are permanent organizations; most common form for large companies
12.business owned by two or more people
13.buyers will demand more products when they can buy them at lower prices
14.items provided by nature that can be used to produce goods and services
15.Economic System in which the government makes all economic decisions
16.manufactured goods and money used to make other goods and services
17.shares of ownership in a corporation
18.corporate profits paid to stockholders
22.all human effort, skills, abilities, and people used to produce goods and services

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