Economics Key Terms - AVID

limited resources in our world

• Scarcity

• Resource

• Incentive

• Supply

a stock or supply of money, materials, staff, and other assets that can be drawn on by a person

• Production

• Demand

• Supply

• Resource

a thing that motivates or encourages one to do something.

• Supply

• Profit

• Incentive

• Economic Enigma

make something needed or wanted or to make available to someone

• Demand

• Supply

• Incentive

• Scarcity

a consumer's desire for a certain product

• Demand

• supply

• Incentive

• Producer

he action of making or manufacturing from components or raw materials,

• Supply

• Production

• Producer

• Consumer

The use of a resource

• Supply

• Demand

• Production

• Consumption

the branch of knowledge concerned with the production, consumption,

and transfer of wealth.

• Profit,

• Economic Enigma

• Macroeconomics

• Economics

a puzzling or confusing situation that isn't easy to explain.

• Demand

• Profit

• Microeconomics

• Economic Enigma

a regular gathering of people for the purchase and sale of provisions, livestock, and other commodities.

• Market

• Demand

• Supply

• Incentive