Economics/CRCT review Review some economic terms, many of which you learned during Mini-Society in third grade, in order to be prepared for possible CRCT questions. Tools A B economy system of producing and selling goods and services in a community free enterprise system an economic system where people are free to produce different kinds of goods and servies producer the provider of goods and services consumer the purchaser of goods and services supply the amount of an item produced for sale demand the number of people who want and are able to buy an item When demand is high & supply is low prices go ____. up When demand is low & supply is high prices go ____. down When demand is high & supply is high prices are ____. competitive natural resources gifts from nature that are renewable or nonrenewable human resources the people who help to create or provide goods & services capital resources the money, equipment, & buildings needed to create or provide goods & services opportunity cost choosing to have more of one thing requires a decision to have less of another scarcity a time when products and services are not plentiful or common division of labor when the production of a good or service is broken down into numerous individual jobs, with different workers performing each job entrepreneur a person who organizes other productive resources, takes risks, & finds new ways of combining resources to produce a product profit the amount of money left over after all costs of production have been paid income wages or salary payments for human resources; payments for productive resources