Intro to Econ Vocabulary

benefits that are lost when choosing one option over another

• scarcity

• opportunity cost

• consumption

• supply and demand

economy where the government has strict control over what is produced

• capital

• free

• command

• traditional

in short supply

• scarcity

• free market

• profit

• capital

process of creating good and services

• production

• consumption

• supply and demand

• profit

process of using goods and services

• supply and demand

• free market economy

• Board of Directors

• consumption

an economy with little government involvement on what can be produced

• traditional

• command

• free market

• opportunity cost

an economy that relies on customs and traditions; bartering

• traditional

• free

• command

• profit

financial gain after expenses are paid

• profit

• scarcity

• opportunity cost

• production

amount there is of a product and how much people want it

• production

• supply and demand

• capital

• non-profit organization

manufactured goods to make other goods and services

• scarcity

• principal

• capital

• production