Econ Vocab Study Set

The money, people, & materials that are available for a community

• Scarcity

• Resources

• Demand

• Supply

The study of ways to use resources to fulfill wants & needs

• Scarcity

• Economics

• Opportunity Cost

• Supply

Something that we can touch or hold is a

• Good

• Service

The amount of goods and services that PRODUCERS are willing and able to sell at a range of prices

• Goods

• Demand

• Services

• Supply

Work that is done for us

• Goods

• Services

Things that are necessary for our survival

• Demand

• Needs

• Supply

• Wants

The cost of the next-best use of time and money when choosing to do one thing or another.

• Budget

• Competition

• Opportunity Cost

The money a business receives for its products/services over and above its costs (Price of the good - the Input costs)

• Profit

• Scarcity

• Opportunity Cost

• Producer

The amount of a good/service that CONSUMERS are willing and able to buy over a range of prices.

• Supply

• Needs

• Demand

• Wants

Efforts by different businesses to sell the same good/service

• Economics

• Budget

• Profit

• Competition