Economics Vocabulary

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

• Supply

• Demand

• Choice

• Incentive

What do you call things that incite or motivate someone to make a choice?

• Choice

• Consumption

• Incentive

• Production

What is given up when a choice is made; the next highest valued alternative is called...

• Scarcity

• Opportunity Cost

• Resources

• Consumption

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

• Demand

• Choice

• Supply

• Production

The term for the combination of resources to make goods or provide services is

• Consumption

• Opportunity Cost

• Production

• Scarcity

The inability to satisfy all wants at the same time because resources and goods are limited is called...

• Choice

• Scarcity

• Supply

• Demand

Selecting an item or action from a set of possible alternatives is called making a...

• Production

• Opportunity Cost

• Demand

• Choice

The factors of production that are used in the production of goods & services. Types include capital, human, natural, and entrepreneurship.

• Prices

• Resources

• Incentives

• Choices

The amount of money exchanged for a good or service.

• Price

• Scarcity

• Opportunity Cost

• Supply

The using of goods and services.

• Production

• Supply

• Consumption

• Demand