Ch. 12 Making a Living in Ohio

Question 1

products that are made, bought, and sold

Answer 1

goods

Question 2

acts done for another person

Answer 2

services

Question 3

a system where the people, not just the government, run business for profit

Answer 3

free enterprise

Question 4

how goods and services are made, distributed, and used

Answer 4

economics

Question 5

a person who works for wages

Answer 5

employee

Question 6

a cost; money spent

Answer 6

expense

Question 7

money paid to employees

Answer 7

wage

Question 8

money paid to an employee

Answer 8

salary

Question 9

the money made after expenses are paid

Answer 9

profit

Question 10

an economic term that relates the selling price of goods to how much is available for sale and how much people are willing to pay to get it

Answer 10

supply and demand

Question 11

a person who buys and uses things

Answer 11

consumer

Question 12

a person who organizes, manages, and assumes the risk of business

Answer 12

entrepreneur

Question 13

selling goods and services through TV, radio, and printed ads

Answer 13

advertising

Question 14

land, labor, capital, and entrepreneurship; the things that must come together before goods are made and sold

Answer 14

factors of production

Question 15

foods that have been prepared and preserved in a factory; canned, frozen, or packaged fruit, vegetables, soup, cereal, cookies, and so on.

Answer 15

processed food