Econ 11.A Vocab

Front

Inability to satisfy all wants simultaneously due to limited resources, requiring a choice.

Back

Scarcity

Front

Factors of production for goods and services.

Back

Resources

Front

Selection from alternatives.

Back

Choice

Front

Given up when a choice is made

Back

Opportunity cost

Front

Amount of money for a good/service.

Back

Price

Front

Motivators that influence economic behavior.

Back

Incentive

Front

Amount of a good/service consumers are willing to buy at a price.

Back

Demand

Front

Amount of a good/service producers are willing to sell at a price.

Back

Supply

Front

Combining human, natural, capital, and entrepreneurship resources to create goods and services.

Back

Production

Front

Using goods and services.

Back

Consumption