CE 11 Vocab Review

The inability to satisfy all wants because resources are limited

• scarcity

• Choice

• demand

• supply

Natural , human, capital, and entrepreneurship are examples of these

• scarcity

• supply

• resources

• incentive

The cost of what is given up when a choice is made

• Incentive

• Opportunity Cost

• Supply

• Demand

The amount of goods or services consumers want to buy

• Production

• Demand

• Price

• Resources

The amount of goods or services producers have to sell

• Supply

• Consumption

• Choice

• Scarcity

The interaction between supply and demand

• Incentive

• Price

• Supply

• Demand

Selecting an item from a set of possible alternatives

• Opportunity Cost

• Production

• Choice

• Natural Resources

Making goods or services with available resources

• Consumption

• Resources

• Incentives

• Production

Using goods or services

• Continental Branch

• Consumption

• Production

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