Economics Vocab

 The science that deals with the production, distribution, and consumption of goods and services

• Supply & Demand theory

• Economics

• Voluntary Exchange

• Market value

Goods or services available to individuals and businesses used to make consumer products.

• Supply

• Demand

• Product/Servicee

• Economic Resources

the value of the next best alternative when one option is chosen over another.

• Opportunity Cost

• Voluntary Exchange

• Market

• Price Signal

Any place where buyers and sellers meet to exchange goods and services

• Voluntary Exchange

• Opportunity Cost

• Market

• Free market economy

The act of producers and consumers freely and willingly engaging in market transactions. 

• Supply & Demand

• Opportunity cost

• Voluntary exchange

• Equilibrium

How much of the goods or services consumers are willing and able to buy

• Demand

• Supply

• Quantity

• Price

The amount of a good or service that producers are willing to provide.

• Supply

• Demand

• Scarcity

• Excess

Where something is needed but cannot be obtained in sufficient amounts;

• Shortage

• Surplus

• Excess

• Quantity

An amount of something left over when requirements have been met

• Demand

• Equilibrium

• Surplus

• Supply

Factors outside of the consumer or producer's control that impact the supply or demand or a good or service.

• External force

• Voluntary exchange

• Equilibrium quantitiy

• Price signal