Econ 11.A Vocab

The inability to satisfy all wants at the same time. All resources and goods are limited. This requires a choice to be made.

• Scarcity
• Opportunity Cost
• Resources
• Choice

Factors of production that are used in the production of goods and services.

• Scarcity
• Resources
• Opportunity Cost
• Choice

Selection of an item or action from a set of possible alternatives.

• Price
• Scarcity
• Opportunity Cost
• Choice

What is given up when a choice is made

• Price
• Choice
• Consumption
• Opportunity cost

The amount of money exchanged for a good or service.

• Opportunity Cost
• Price
• Production
• Choice

Things that incite or motivate. This changes economics behavior.

• Incentive 
• Production
• Supply and demand
• choice

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

• Good
• Supply
• Demand
• Service 

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

• Supply
• Demand
• Price
• Service

The combining of human, natural, capital, and entrepreneurship resources to make goods and services.

• Price
• Incentives
• Scarcity
• Production

The using of goods and services.

• Consumption
• Resources
• Choice
• Opportunity Cost