Economics Practice

Front

When you give something up

Back

opportunity cost

Front

A person who buys a good or a service

Back

consumer

Front

something one person does for another

Back

service

Front

an item you can purchase

Back

product

Front

not enough resources to produce all the goods and services that people desire

Back

scarcity

Front

people who make products or produce services

Back

producer

Front

What is a plan to use income productively?

Back

budget

Front

Is this example a POSITIVE incentive or a NEGATIVE incentive?
Cindy had to pay a late fee for not returning her library book on time.

Back

Negative Incentive

Front

Is this example a POSITIVE incentive or a NEGATIVE incentive?
Speeding ticket

Back

Negative Incentive

Front

Is this example a POSITIVE incentive or a NEGATIVE incentive?
A coupon from a store for extra money off an item

Back

Positive Incentive