Economics Vocab Flashcard

Front

Social science studying production, distribution, and consumption of goods/services.

Back

Economics

Front

Finite resources limit production of economic goods.

Back

Scarcity

Front

A means by which societies or governments organize and distribute resources, services, and goods across a region.

Back

Economic System

Front

Loss of potential gain from other alternatives when one is chosen.

Back

Opportunity Cost

Front

Costs that change with the quantity produced.

Back

Variable Cost

Front

Sum of all costs incurred by a firm in producing output.

Back

Total Cost

Front

Total income from primary operations of a company.

Back

Revenue

Front

A stock of a resource available for provision.

Back

Supply

Front

Quantity of a good consumers are willing to buy at various prices.

Back

Demand

Front

Price where consumer demand equals producer supply.

Back

Equilibrium Price