Economics Vocabulary Flashcard

Front

I have $100 to buy a purse or a pair of shoes. I choose shoes. What is the opportunity cost?

Back

the purse

Front

The study of ways to use scarce resources to fulfill wants and needs is ____.

Back

economics

Front

____ is the money, people, and materials available to accomplish a community's goals.

Back

resources

Front

____ is not having enough resources to produce all of the things we would like to have.

Back

scarcity

Front

Food, clothing, and shelter are all examples of ____.

Back

needs

Front

Phones, games, and toys are all examples of _____.

Back

wants

Front

The amount of goods and services that are available is ____.

Back

supply

Front

____ is the desire, willingness, and ability to buy a good or service.

Back

demand

Front

Books, pens, and bottles are all examples of ___.

Back

goods

Front

A barber shop, travel agent, and bank are all considered ____.

Back

services