Fifty Nifty Econ-Level1

Front

What is the term for when there is not enough of a resource for all who want it?

Back

Scarcity

Front

What do we call the act of receiving money for doing work?

Back

Earn

Front

What is the process of making a decision called?

Back

Choice

Front

What is it called when you keep money to spend later?

Back

Save

Front

What are things that people like and desire known as?

Back

Wants

Front

What is the economic term for the resources available to produce goods and services?

Back

Factors of Production

Front

What is the term for the value of the next best alternative that is given up when making a choice?

Back

Opportunity Cost

Front

What do we call the act of using resources to produce goods and services?

Back

Production

Front

What is the term for the amount of a good or service that consumers are willing and able to purchase at a given price?

Back

Demand

Front

What is the term for the amount of a good or service that producers are willing and able to sell at a given price?

Back

Supply