Phillip civics mar 15th

systematic flow of production, distribution, and consumption of goods and services

• price

• supply

• economy

• scarcity

factors used in the production of goods and services (Natural, capital, human)

• demand

• production

• resources

• economy

using goods and services

• consumption

• production

• profit

• competition

the inability to satisfy all wants at the same time

• price

• supply

• demand

• scarcity

something that incites or motivates

• price

• incentives

• consumption

• production

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

• choice

• revenue

• global trade

• supply

combination of human, natural, capital, and entrepreneur resources to make goods or provide services

• demand

• consumption

• production

• economy

the highest valued alternative given up when a choice is made

• price

• supply

• demand

• opportunity cost

the amount of a good or service that consumers are willing and able to but at a certain price

• demand

• supply

• incentives

• production

the amount of money exchanged for a good or service

• choice

• resource

• price

• consumption