Ateam - Economics Terms - 6

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SCARCE RESOURCES

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resources (used to produce goods and services) that are short in supply, relative to unlimited human wants

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SCARCITY

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the condition of not being able to have all the goods and services that one wants

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SCARCITY PROBLEM

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Because resources are limited, relative to human wants and needs, we have to make choices. Example: Shall we use our limited supply of oil for gasoline (transportation) or for producing heat for homes and power for factories?

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SEASONAL FLUCTUATIONS

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regular and predictable variations in the level of some economic activity over the period of a year; also called seasonal variations; Example: Youth unemployment is seasonally high during the summer.

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SECURITIES

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stocks and bonds collectively

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SELLING PRICE

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the price asked for and paid for a good or service in the market

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SERVICE CHARGE

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an additional cost or fee for the privilege of purchasing a good or service on credit; see minimum balance

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SERVICES

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activities that can satisfy people's wants or needs

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SHERMAN ANTITRUST ACT

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the federal law passed by Congress in 1890 prohibiting monopolies or conspiracies to monopolize

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SHORTAGE

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the situation resulting when the quantity demanded exceeds the quantity supplied of a good, service or resource