Econ Vocab Study Set

Front

Money, people, & materials available for a community

Back

Resources

Front

Study of using resources to meet wants & needs

Back

Economics

Front

Something we can touch or hold is a

Back

Good

Front

Goods and services producers are willing to sell at various prices.

Back

Supply

Front

Work done for us

Back

Services

Front

Necessary for survival

Back

Needs

Front

Cost of the next-best use of time and money when choosing one option over another.

Back

Opportunity Cost

Front

Money received by a business beyond its costs (Price - Input costs)

Back

Profit

Front

Amount of a good/service consumers are willing and able to buy at various prices.

Back

Demand

Front

Efforts by businesses to sell the same good/service

Back

Competition