Econ Vocab

If the government of a country makes most of the economy decisions.  Where would this country be on an economic continuum line?

• Very close to the command end.

• Very close to the market end.

• In the middle, but closer to the market.

• Exactly in the middle.

What is an opportunity cost?

• The value of the next best option that is not selected when a choice is made.

• There is not enough of it.

• Things people make to earn money

• Actions people do to earn money.

What is the value of the next-best alternative when you make a trade-off?

• Fruit snacks

• Opportunity Cost

• Scarcity

• Second-Best

Makes goods or provides services

• production

• natural resource

• private sector

• producer

the act of buying and selling of goods

• sales

• commerce

• buylation

• free enterprise

EXIT TICKET: Match the following

• Scarcity

• a social science

  that studies how people, acting individually and in groups, decide to use

  scarce resources to satisfy their wants.

• Economics

• Behind each choice, there is an alternative choice that could have

  been made. The value of that second-best option.

• Incentives

• an economic problem of humans having limited resources while

  also having unlimited needs and wants

• Opportunity Cost

• rewards or penalties that influence an individual to make or avoid a specific choice.

People who buy or use goods or services

• supplier

• goods

• consumer

• producer

The lack of sufficient resources to produce all the goods and services that people desire

• resources

• loss

• supply

• scarcity

What term describes the structure and conditions of economic life?

• Ecology

• Economy

• Eldorado

• Ergonomics

What refers to the amount of goods and services produced in a certain amount of time?

• Products

• Productivity

• Problems

• Producers