Economics Vocabulary

What is a choice you make based on the trade offs and opportunity costs?

• decision

• trade off

• opportunity cost

• risk

What things are found in nature and used to make goods and services?

• positive incetives

• natural resources

• risk

• trade off

What is an offer of a reward for a choice?

• opportunity cost

• services

• goods

• positive incentives

What is the study of how people make and spend money by buying and selling goods and services?

• decision

• goods

• economics

• negative incentives

What are the people who work to earn money while producing goods and services called?

• capital resources

• productive resources

• human resources

• incentives

What are the actual products that people buy and sell called?

• goods

• services

• economics

• natural resources

What is an offer of a consequence of a choice?

• decision

• risk

• negative incentive

• opportunity cost

What is a chance someone makes while making a decision?

• risk

• reward

• positive incentive

• negative incentive

What is it called when you choose one thing over another thing?

• trade off

• opportunity cost

• economics

• risk

What is the cost or value of what you give up when you choose one thing over another?

• trade off

• services

• goods

• opportunity cost