The amount of a good or service that consumers are willing and able to buy at a certain price is called...
Economics Vocabulary

Flashcard
•
History
•
8th Grade
•
Easy
Michael Haverly
Used 1+ times
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12 questions
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1.
FLASHCARD QUESTION
Front
Back
Demand
2.
FLASHCARD QUESTION
Front
What do you call things that incite or motivate someone to make a choice?
Back
Incentive
3.
FLASHCARD QUESTION
Front
What is given up when a choice is made; the next highest valued alternative is called...
Back
Opportunity Cost
4.
FLASHCARD QUESTION
Front
The amount of a good or service that producers are willing and able to sell at a certain price is called...
Back
Supply
5.
FLASHCARD QUESTION
Front
The term for the combination of resources to make goods or provide services is
Back
Production
6.
FLASHCARD QUESTION
Front
The inability to satisfy all wants at the same time because resources and goods are limited is called...
Back
Scarcity
7.
FLASHCARD QUESTION
Front
Selecting an item or action from a set of possible alternatives is called making a...
Back
Choice
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