Economic Vocab Flash Cards

Front

Economics

Back

The study of how people make choices to satisfy their needs and wants.

Front

Needs

Back

Things we must have to survive (e.g. food, water, shelter).

Front

Wants

Back

Things we would like to have but don’t need to survive.

Front

Goods

Back

Physical items that can be bought or sold (e.g. clothes, food).

Front

Services

Back

Actions or activities done for others (e.g. teaching, haircuts).

Front

Scarcity

Back

When there are limited resources to meet unlimited wants.

Front

Opportunity Cost

Back

The next best alternative that is given up when a choice is made.

Front

Supply

Back

The amount of a good or service that producers are willing to sell at different prices.

Front

Demand

Back

The amount of a good or service that consumers are willing to buy at different prices.

Front

Equilibrium

Back

The price at which supply equals demand.