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2. To announce or praise a product or service in some public medium to induce people to buy it or use it is called ________________.

3. To announce or praise a product or service in some public medium to induce people to buy it or use it is called ___advertising__.

4. Contest between companies to win more business is called _______________.

5. Contest between companies to win more business is called __competition____.

6. One who buys or uses goods or services is called a __________________

7. One who buys or uses goods or services is called a ___consumer____

8. The sole legal right to sell a good (sometimes literary, musical or artistic) is called _____________________.

9. The sole legal right to sell a good (sometimes literary, musical or artistic) is called _____copyright______.

10. The number of consumers who want and are able to buy a product causes the _____________ for that product.

11. The number of consumers who want and are able to buy a product causes the ___demand___ for that product.

12. Goods, services and assets sold to other countries are called _______________.

13. Goods, services and assets sold to other countries are called ____exports____.

14. System where people can own and run their own businesses is called ______________

15. System where people can own and run their own businesses is called free market system or free enterprise system.

16. All natural resources used in manufacturing are called __________.

17. All natural resources used in manufacturing are called ___land__.

18. All human resources—or the workers are called _____________.

19. All human resources—or the workers are called ___labor___.

20. All man-made aids to production (machinery, equipment, money, etc. are called ____________.

21. All man-made aids to production (machinery, equipment, money, etc. are called ___capital___.

22. A profit-seeking decision- maker who determines the course a company will take is called an ______________.

23. A profit-seeking decision- maker who determines the course a company will take is called an ___entrepreneur___.

24. Goods, services and assets sold to other countries are called ___________.

25. Goods, services and assets sold to other countries are called __imports___.

26. Payments received by households and businesses during a time period that may be spent or saved is called __________.

27. Payments received by households and businesses during a time period that may be spent or saved is called __income__.

28. Needing other countries to meet the needs and wants of its people is called _______________.

29. Needing other countries to meet the needs and wants of its people is called ____interdependence___.

30. Making large amounts of goods is called _________________.

31. Making large amounts of goods is called ___manufacturing___.

32. The exchange of goods, services and resources between buyers and sellers is called the ____________.

33. The exchange of goods, services and resources between buyers and sellers is called the ___market___.

34. What you give up when you make a decision (the second best choice) is called the ___________ _________

35. What you give up when you make a decision (the second best choice) is called the __opportunity__ __cost__

36. The total revenue of a company minus the total cost of production is called the ____________.

37. The total revenue of a company minus the total cost of production is called the ___profit__.

38. One who makes goods using the factors of production is called a _____________.

39. One who makes goods using the factors of production is called a ___producer___.

40. The concept of many individuals desiring something, but there is limited availability is called ______________

41. The concept of many individuals desiring something, but there is limited availability is called ___scarcity____

42. Producing only a few products instead of many different products is called _________________.

43. Producing only a few products instead of many different products is called ___specialization____.

44. The amount of items produced for sale is called the __________

45. The amount of items produced for sale is called the __supply__

46. The amount of mental or physical effort to produce a good or a service is called _________.

47. The amount of mental or physical effort to produce a good or a service is called __work__.

48. Payment for labor is called _________

49. Payment for labor is called __wages__

50. A certificate of ownership in a company is called a _____________.

51. A certificate of ownership in a company is called a __stock__.