Economics Vocab Review

Front

Not enough of something.

Back

scarcity

Front

What you give up to get what you want most.

Back

opportunity cost

Front

Amount of a good/service available.

Back

supply

Front

People's desire for a good or service.

Back

demand

Front

Money you make.

Back

Profit

Front

Two businesses sell the same good or service.

Back

competition

Front

November at Kroger has leftover Halloween candy. Describe the supply and demand.

Back

The supply of Halloween candy is high and the demand is low.

Front

November at Kroger has leftover Halloween candy. Effect on price?

Back

The price of Halloween candy will decrease.

Front

Opportunity cost of buying headphones after earning $20 for chores?

Back

New video game.

Front

Bake sale: Many cookies, few cupcakes. What is scarce?

Back

cupcakes