Economics Vocab

Front

What is defined as an object that is made and can be touched?

Back

Goods

Front

What term describes the situation where sellers compete for the best goods and best prices?

Back

Competition

Front

What is the term for the money made after paying costs?

Back

Profit

Front

What do we call the ability to choose what to do with your own money?

Back

Economic Freedom

Front

What is the term for a business environment with little government regulation?

Back

Free Enterprise

Front

What is the economic system where the means of production are privately owned?

Back

Capitalism

Front

What is the term for the value of the next best alternative that is given up when making a choice?

Back

Opportunity Cost

Front

What do we call the total amount of money a business receives from sales?

Back

Revenue

Front

What is the term for the relationship between the price of a good and the quantity demanded?

Back

Demand

Front

What is the term for the relationship between the price of a good and the quantity supplied?

Back

Supply