| A | B |
|---|
| profit motive | the desire to make money |
| scarcity | the problem of limited resources |
| free enterprise system | people are free to operate business as they want |
| capitalism | economic system based on private ownership |
| capital | money invested in business/property, goods etc. |
| gross income | total amt. of money company gets from sale of goods |
| net income | whats left over after the bills are paid |
| copyright | exclusive right to publish written work/art for # of yrs |
| patent | right to make/sell invention for # of yrs. |
| Law of supply | business makes more products at higher price/fewer at lower |
| law of demand | buyer demands more when can buy at lower prices/fewer at high prices |
| monopoly | only firm selling product/service |
| merger | 2 or more companies combine |
| public utility | legal monopoly giving essential services to public |
