Economics Vocabulary

The amount of money that is given for a good or service.

• Natural Resources

• Price

• Scarcity

• Opportunity Cost

All resources are limited, therefore choices must be made.

• Scarcity

• Choice

• Profit

• Opportunity Cost

The personnel of a business or organization.

• Entrepreneur

• Demand

• Service

• Human Resources

The money left over after all expenses have been paid.

• Profit

• Choice

• Good

• Consumption

The person that takes the risk of starting a business.

• Human Resource

• Supply

• Entrepreneur Resource

• Prophet

The factors of production that are used to produce goods and services.

• Goods

• Services

• Demand

• Resources

When goods and services are used.

• Consumption

• Demand

• Demand Curve

• Supply Side

The value of what is given up when a choice is made.

• Equilibrium Price

• Price

• Opportunity Cost

• Supply

Things that occur in nature that can be used for economic gain.

• Human Capacity

• Scarcity

• Choice

• Natural Resources

A selection of an item or action from a possible set of alternatives.

• Demand

• Profit

• Opportunity Cost

• Choice