| A | B |
|---|
| service | any action that one person does for another in exchange for payment (also action people do for others) |
| good | any item that can be bought or sold (also, something made by people) |
| entrepreneur | person who opens a new business in hopes of making a profit |
| monopoly | try to gain complete control of an industry |
| John D. Rockefeller | had a monopoloy on the oil business |
| Andrew Carnegie | had a monopoly on the steel business |
| J.P. Morgan | had a monopoly on the railroad business |
| free enterprise economy | economic system based on individual choice to start a business and own property |
| producer | people who make goods |
| consumer | people who buy goods |
| Henry Ford | given credit with using the assembly line to produce a car at a lesser price |
| assembly line | a product rolls past each worker doing one job in a factory to speed production |
| natural resources | found in nature (ex: trees for lumber) |
| human resources | people who work to produce goods or to provide services |
| capital resources | money, machines, property, or tools that are needed to make other goods or perform services. |
| opportunity cost | value of what must be given up in order to produce or buy goods or services |
| exports | goods sold to other countries |
| imports | goods that a country buys from another country |
| supply | the amount of product that is available |
| demand | the amount of that product that people are able to buy |
| surplus | having more than enough of a product |
