Economics Vocabulary

The study of the making, buying, and selling of goods or services.

• loans

• economics

• science

• history

The process of choosing one good or service over another

• voluntary exchange

• opportunity cost

• budget

• share

When an individual or a company is good at doing one part of the task, and relies on others to complete the other parts.

• checking account

• opportunity cost

• voluntary exchange

• specialization

The act of buyers and sellers freely and willingly working together.

• voluntary exchange

• opportunity cost

• capital

• debt

A percentage of money taken out of your income.

• sales tax

• property tax

• income tax

Money that the government collects from individuals and businesses to pay for public goods and services

• income tax

• property tax

• sales tax

• taxes

Where people that are buying things and people that are selling things meet.

• free enterprise

• voluntary exchange

• market

• banks

What you pay for an item.

• price

• debt

• money

• tax

Companies compete with one another to get the most customers, and therefore, make the most money

• voluntary exchange

• opportunity cost

• free enterprise

• none of the above

More than one store sells the same thing.

• competition

• debt

• credit card

• debit card