Economics Vocabulary

__________ is the entire process of producing and delivering a product to consumers, including production, transportation, and retail.

• Supply Chain

• Marketing

• Advertising

• Customer Service

Fill in the blank: (a)   is the desire and ability of consumers to purchase a good or service at a specific price.

__________ is the total amount of a specific good or service that is available to consumers.

• Supply

• Demand

• Price

• Revenue

________ is the condition where resources are limited and cannot satisfy all human wants, forcing individuals and societies to make choices.

• Scarcity

• Abundance

• Wealth

• Sufficiency

__________ is the value of the next best alternative that is given up when a choice is made.

• Opportunity Cost

• Sunk Cost

• Marginal Benefit

• Fixed Cost

An economic system where prices and production are determined by supply and demand with minimal government intervention.

• Free Market

• Command Economy

• Mixed Economy

• Traditional Economy

The rivalry between businesses to attract customers by offering better products, prices, or services.

• Competition

• Monopoly

• Barter

• Merger

The study of how people and societies use limited resources to satisfy unlimited wants and make choices.

• Economics

• Biology

• Geography

• Psychology

An organization that helps individuals and businesses manage money, such as banks, credit unions, or insurance companies.

• Financial Institution

• Retail Store

• Technology Firm

• Manufacturing Company

A type of financial institution that accepts deposits, makes loans, and provides savings and checking services.

• Commercial Bank

• Credit Union

• Investment Bank

• Insurance Company