Economic Principles and Systems

Front

The inability to satisfy all wants at the same time

Back

SCARCITY

Front

People have to make choices because

Back

RESOURCES ARE LIMITED

Front

Name four types of resources

Back

NATURAL, HUMAN, CAPITAL, AND ENTREPRENEURSHIP

Front

That which is given up when a choice is made is called _____ _____

Back

OPPORTUNITY COST

Front

The amount of money exchanged for a good or service is the _____

Back

PRICE

Front

_____ are used to change economic behavior

Back

INCENTIVES

Front

What determines price?

Back

INTERACTION OF SUPPLY AND DEMAND

Front

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

Back

DEMAND

Front

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

Back

SUPPLY

Front

Making goods or providing services

Back

PRODUCTION