SOL 11A VOCAB for ECON

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

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

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

Back

Production

Front

Using goods and services.

Back

Consumption