Economics Vocabulary Review

Front

An economy includes: The companies and people who PRODUCE, DISTRIBUTE, and SELL goods and services, Decisions about how to use scarce ECONOMIC RESOURCES, Markets and currency

Back

All of the above

Front

In economics, what do you call a person who buys a good or service?

Back

Consumer

Front

ALL of the PEOPLE, NATURAL THINGS, TOOLS and FACILITIES used to produce a good or service are collectively called:

Back

Economic Resources

Front

TOOLS OR TECHNOLOGY MADE BY PEOPLE and used to produce goods and services

Back

Capital Resources

Front

Which vocabulary word means that there is a limited supply of resources, goods, and services?

Back

Scarcity

Front

The options or things that you GIVE UP OR LOSE when you choose one option over another

Back

Opportunity Cost

Front

Any place or system that allows buyers and sellers to exchange or buy goods and services like a grocery store or Amazon.com

Back

Market

Front

The quantity of goods that a seller is willing to sell at possible prices

Back

Supply

Front

The amount of a good or service people want to buy at a certain price and at a certain time

Back

Demand

Front

When the supply is greater than the demand, then there is:

Back

Surplus