Economics Vocabulary

All resources are limited, so choices must be made.

• Price
• Scarcity
• Supply

The amount of money that is given for a good or service

• Price
• Capital Resource
• Choice

It is what is given up when a choice is made.

• Opportunity Cost
• Profit
• Production

Factors of production (money, staff, etc) used to produce goods and services

• Demand 
• Consumption
• Resources

A selection of an item or action from a set of possible alternatives

• Choice
• Price
• Service

Things that occur in nature that can be used for economic gain

• Opportunity Cost
• Natural Resource
• Human Resource

The person that takes the risk of starting a business

• Entrepreneur Resource
• Scarcity
• Demand

The personnel of business or organization (the people who do the work)

• Profit
• Capital Resources
• Human Resources

Goods that are used to make other goods (tools, machines, buildings, equipment)

• Capital Resources
• Demand
• Profit

The money that is left over after all expenses have been paid

• Production 
• Price
• Profit