CE 11 Vocab Review

Front

The inability to satisfy all wants because resources are limited

Back

scarcity

Front

Natural, human, capital, and entrepreneurship are examples of these.

Back

resources

Front

The cost of what is given up when a choice is made

Back

Opportunity Cost

Front

The amount of goods or services consumers want to buy

Back

Demand

Front

The amount of goods or services producers have to sell

Back

Supply

Front

The interaction between supply and demand

Back

Price

Front

Selecting an item from a set of possible alternatives

Back

Choice

Front

Making goods or services with available resources

Back

Production

Front

Using goods or services

Back

Consumption