Early American Indians Economics Vocabulary

Selecting an item or action from a set of possibilities

• price

• choice

• goods

• opportunity cost

a person that uses something

• producer

• price

• trade

• consumer

amount of a good or service that consumers are able to buy at a certain price

• demand

• scarcity

• services

• choice

economic activity between various countries; can be positive or negative

• consumer

• resources

• global economy

• scarcity

a useful item

• goods

• resources

• price

• choice

incentives are:

• a person that uses something

• a useful item

• amount of a good or service that consumers are able to buy at a certain price

• things that motivate; used to change economic behavior

what's given up when a choice is made

• incentive

• producer

• opportunity cost

• trade

the amount of money exchanged for a good or service based on supply and demand

• price

• producer

• incentive

• service

a person that makes, grows, or supplies something

• resources

• producer

• consumer

• choice

natural, human, and capital; used in the production of goods and services

• scarcity

• opportunity cost

• Resources

• trade