Economics Vocab I

Front

Interaction of supply and demand determines:

Back

Price of goods and services

Front

Process of combining resources for goods/services?

Back

Production

Front

Amount of goods/services consumers buy at a price?

Back

Demand

Front

What you give up when choosing one option over another.

Back

opportunity cost

Front

Amount of goods/services available to consumers?

Back

Supply

Front

Factors of production used to produce goods and services.

Back

Resources

Front

Can't get everything you want when you want it?

Back

Scarcity

Front

Process of buying and using goods/services?

Back

Consumption

Front

Government controls production in which economic system?

Back

Command

Front

Rivalry among producers leads to better quality and lower prices. This is called -

Back

competition