Economics Ch. 17.1

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1.
Economic system where decisions are made by Individuals
2.
economic market where you have the right to buy and sell goods as you want
3.
Revenue minus expenses
4.
Lack of a particular resource
5.
This law states that businesses will produce more products when they can sell them at higher prices
6.
This law states that buyers will want a greater quantity of a good when the price is low
7.
When business owners may operate however they see fit
8.
Economic system in which the productive resources are owned by private citizens
9.
When a company is the only one selling a product or providing a service