Economics Vocab

Front

Someone that provides a good or service is the _______.

Back

producer

Front

Amount of product available.

Back

Supply

Front

Emily can buy a DVD or sandals. If she chooses sandals, her opportunity cost is:

Back

The DVD

Front

Someone who buys a good or service is a _______.

Back

consumer

Front

Opportunity cost is...

Back

what you give up when you choose to buy or do something else.

Front

Goods-or-Services: doctors, lawyers, barbers, electricians, Wi-Fi

Back

Services

Front

Goods or Services: food, cars, clothes, cellphone, pencils

Back

Goods

Front

Things that occur naturally and can be used as goods or services.

Back

Natural resources

Front

People who provide a good or service

Back

Human resources

Front

Resource made in a factory.

Back

Capital resources