Economy Vocabulary Review

Ship or send out goods to other places.

• Income

• Export

• Import

• Supply

The decision a consumer makes between two goods or services.

• Opportunity cost

• Economic choice

• Scarcity

• Service

Coins, paper bills, and checks used in exchange for goods and services.

• Service

• Money

• Economic choice

• Opportunity cost

People's willingness to buy goods and services.

• Demand

• Supply

• Income

• Import

Not being able to meet all wants because resources are limited.

• Service

• Supply

• Scarcity

• Import

The money you earn.

• Import

• Export

• Money

• Income

Products and services businesses provide.

• Demand

• Supply

• Money

• Opportunity cost

Bring in goods from other places.

• Money

• Demand

• Service

• Import

The option that is given up in a choice between two goods or services.

• Opportunity cost

• Supply

• Economic choice

• Demand

Something that is provided.

• Service

• Export

• Economic choice

• Income