| A | B |
|---|
| free enterprize. | The economic system that allows people to run their own businesses. |
| producer. | A person who makes goods or produces services. |
| consumer. | A person who buys goods and uses services. |
| profit. | The money that is left after a business pays for wages,tools,and other costs. |
| scarcity | The lack of resources to produce all the goods and services that people want. |
| supply. | The amount of an item available at various prices during a given time. |
| demand. | The amount that consumers are willing and able to buy at various prizes during a given time. |
| opportunity cost. | The value of the second best choice given up when a decision is made. |
| specialization. | Producing only a few kinds of products instead of many different kinds of products. |
| export. | To sell to,or trade with, another country. |
| import. | To buy products from another country. |
| foreign market. | A place where buyers and sellers exchange goods and services in another country. |
| interdependent. | Relying on one another to meet needs and wants;being connected. |
| save | or keep,some of your money |
| needs | You can't live without them |
| wants | A want,such as a skateboard |
| interest | Interest is money the bank pays for keeping your money in the account |
| budget | A plan for using an amount of money for a specific purpose |
| income | Income is money you have or plan to have during a certain period of time. |
| expenses | Expenses are things you plan to buy during a certain period of time. |
| democracy | A system of government in which the people elect their leaders. |
| jury | A group of citizens in a court of law who decide if someone accused of a crime is inocent or guilty. |
| federal | A system of government that shares power between local and nationalgovernments. |
| legislative branch | The branch of government that makes laws. |
| Congress | The legislative branch of the United States government. |
| executive branch | The branch of government that carries out laws. |
| judicial branch | The branch of government that interprets the laws. |
| General assembly | Tth legislature of the state of Ohio. |
| bill | A written idea for a new law. |
| municipal | A local or city government. |
| county | An area or section into which a state or country is divided. |
| mayor | The head of a city or town government. |
| city council | The legislative branch of city government,a group of representatives who make a city's laws and decide how it should spend its money. |
| sheriff | A person in charge of making sure the laws are obeyed in a county. |
| district | An area in a county set aside for a special reason. |
| board of education | A group of elected officials who make decisions about schools in their district. |
