Economics Vocabulary

Front

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

Back

Demand

Front

What do you call things that incite or motivate someone to make a choice?

Back

Incentive

Front

What is given up when a choice is made; the next highest valued alternative is called...

Back

Opportunity Cost

Front

The amount of a good or service that producers are willing and able to sell at a certain price is called...

Back

Supply

Front

The term for the combination of resources to make goods or provide services is

Back

Production

Front

The inability to satisfy all wants at the same time because resources and goods are limited is called...

Back

Scarcity

Front

Selecting an item or action from a set of possible alternatives is called making a...

Back

Choice

Front

The factors of production that are used in the production of goods & services. Types include capital, human, natural, and entrepreneurship.

Back

Resources

Front

The amount of money exchanged for a good or service.

Back

Price

Front

The using of goods and services.

Back

Consumption