POB OBJ 5.01 C Vocab

Economics

• a social science directed at the satisfaction of needs and wants through the allocation of scarce resources which have alternative uses

• the state of being scarce or in short supply; shortage

• the loss of potential gain from other alternatives when one alternative is chosen

• the using up of a resource

Scarcity

• the state of being scarce or in short supply; shortage

• the exchange of one thing for another of more or less equal value, especially to effect a compromise

• the using up of a resource

• People who use goods and services to satisfy their wants

Economizing

• to practice economy; avoid waste or extravagance

• People who use goods and services to satisfy their wants

• The people who make or provide goods and services

• the loss of potential gain from other alternatives when one alternative is chosen

Opportunity cost

• the loss of potential gain from other alternatives when one alternative is chosen

• the exchange of one thing for another of more or less equal value, especially to effect a compromise

• a social science directed at the satisfaction of needs and wants through the allocation of scarce resources which have alternative uses

• The people who make or provide goods and services

Tradeoffs

• People who use goods and services to satisfy their wants

• the exchange of one thing for another of more or less equal value, especially to effect a compromise

• The people who make or provide goods and services

• the state of being scarce or in short supply; shortage

Consumption

• the using up of a resource

• the exchange of one thing for another of more or less equal value, especially to effect a compromise

• to practice economy; avoid waste or extravagance

• the state of being scarce or in short supply; shortage

Consumers

• Usefulness; capable of satisfying wants and needs

• The people who make or provide goods and services

• People who use goods and services to satisfy their wants

• Capable of being touched, smelled, tasted, seen, or heard

Producers

• The people who make or provide goods and services

• People who use goods and services to satisfy their wants

• the using up of a resource

• a social science directed at the satisfaction of needs and wants through the allocation of scarce resources which have alternative uses