Economics Vocabulary

The cost of the next best use of time or money when choosing to do one thing or another 

• Trade-Off
• Opportunity Cost
• Economics
• Profit

Materials used to make goods or services

• Economics
• Labor
• Products
• Resources

A person or business that provides goods and services

• Producer
• Consumer
• Entrepreneur
• Provider

Goods a person must have to survive (ex: food, clothing, shelter)

• Capital
• Needs
• Wants
• Natural Resources

Desires that individuals and nations have that can be met by getting a good or a service.

• Wants
• Scarcity
• Surplus
• Shortage

Giving up on good or service for another

• Underselling
• Sacrifice
• Trade-Off
• Market Value

Which one of these is NOT one of the 3 basic economic questions asked?

• How will the good or service be produced? 
• Who will use (buy) the good or service?
• How high will prices go in a society?
• What good or service will be produced?

The study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants

• Automation
• Mechanization
• Concililation
• Economics

The amount of a good or service that people (consumers) are willing and able to buy at various prices during a given time period

• Supply
• Demand
• Market Price
• Market Value

The amount of a good or service that producers are willing and able to sell over a range or prices

• Barter
• Cost
• Supply
• Assets