Economics Vocabulary

Front

Reward people for making certain choices and behaving in a certain way.

Back

positive incentive

Front

The demand is greater than the supply.

Back

scarcity

Front

Jobs that you pay someone to do for you.

Back

services

Front

A plan for how you will use your money.

Back

budget

Front

The thing that is given up when you have to make a decision or choice.

Back

opportunity cost

Front

A place where buyers and sellers exchange goods and services.

Back

market

Front

Penalize people for making certain choices and behaving in a certain way.

Back

negative incentive

Front

The amount of something the customers want.

Back

demand

Front

Someone who makes goods or provides a service.

Back

producer

Front

Someone who buys a good (product) or a service.

Back

consumer