SS State Testing: Economics Vocabulary

Limited quantities of resources to meet unlimited wants

• surplus

• supply and demand

• socialism

• scarcity

Part of economics that studies the economy as a whole and how choices are made on a national, regional, and global basis

• Macroeconomics

• Microeconomics

Using resources in a way that maximizes the production of goods and services

• equity

• efficiency

• consumption

• distribution

Place where goods and services are bought and sold

• Factor Market

• Product Market

Cost of producing one more unit of a good

• Equilibrium Price

• Production Cost

• Marginal Cost

• Gross Cost

Motivating factors that influence choices

• Cost of living

• Budgets

• Goals

• Incentives

Economic system characterized by central planning and government allocation of resources

• Command

• Market

• Mixed

• Traditional

Nation's central banking system

• General Assembly

• Federal Reserve

• Cabinet

• Treasury

Studying the positives and negatives to help us make choices

• Contemplating

• Cost-Benefit Analysis

• Cramming

• Statistical Analysis

Part of economics that studies how individuals and businesses make choices regarding limited resources and the effects of those decisions

• Macroeconomics

• Microeconomics