Introduction to Economics Vocab

The cost that a use of resources has on the ability to use those resources on something else.

• Opportunity Cost

• Incentives

• Profit

• Economics

The producers fighting over who can make the most profit.

• Competition

• Profit

• Opportunity Cost

• Incentives

The positive difference between the amount spent and the amount earned.

• Profit

• Money

• Incentives

• Natural Resources

The number of consumers that want a certain thing.

• Demand

• Supply

• Profit

• Economy

The amount of something that is available.

• Supply

• Demand

• Profit

• Incentives

Someone who buys and uses goods and services.

• Consumers

• Producers

• Competition

• Services

Someone who makes goods or provides services.

• Producers

• Consumers

• Goods

• Services

Activities provided by others.

• Services

• Goods

• Profit

• Natural Resources

Items that you can buy and sell.

• Goods

• Services

• Incentives

• Supply

The raw materials, manpower, and machinery needed to produce goods.

• Means of Production

• Natural Resources

• Goods

• Services