click below
click below
Normal Size Small Size show me how
CE.11
Economic Vocabulary and Economic Systems
Question | Answer |
---|---|
scarcity | the inability to satisfy all wants at the same time |
opportunity cost | the highest valued alternative forgone |
supply | the amount of a good or service that producers are willing and able to sell at a certain price |
demand | the amount of a good or service that consumers are willing and able to buy at a certain price |
production | the combining of resources to make goods or provide services |
consumption | using goods and services |
resources | factors of production |
choice | a selection of an item or action from a set of possible alternatives |
price | the amount of money exchanged for a good or service |
capital resource | something owned to make goods or services |
human resource | labor |
price is determined by | the interaction of supply and demand |
foregone | given up |
natural resource | from the earth |
entrepreneurship | the ability and willingness to develop a business venture |
acquire | get |
incentive | something that incites or motivates |
goods | items |
service | transaction provided without exchanging goods |