Intro to Economics Review

A person who thinks of an idea for a new product or business and then works to build that business-

• Production

• Entrepreneur

• Supply

• Consumer Sovereignty

What you give up when you make a choice-

• Opportunity Cost

• Demand

• Competition

• Scarcity

The inability to satisfy all wants at the same time due to limited resources and goods-

• Economics

• Consumption

• Scarcity

• Resources

The amount paid for an item or service-

• Price

• Choice

• Profit

• Entrepreneur

A company's earnings after all of its expenses have been paid-

• Production

• Opportunity Cost

• Supply

• Profit

When the wants and needs of consumers dictate what products are made-

• Private Property

• Consumer Sovereignty

• Economics

• Competition

Rivalry among sellers that keep prices low and quality high for consumers-

• Scarcity

• Demand

• Competition

• Choice

The using of goods and services-

• Production

• Supply

• Consumer Sovereignty

• Consumption

Personally owned property defined and protected by the government

• Private Property

• Choice

• Profit

• Competition

The combining of resources to make goods or services.

• Production

• Economics

• Resources

• Consumption