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SJMS Economics
Economics Vocabulary for VA SOL's
| Word | Definition |
|---|---|
| Scarcity | Is the inability to satisfy all wants at the same time. All resources arnd goods are limited. This requires that choices be made. |
| Resources | Are factors of production that are used in the production of goods and services. Types of resources are natural, human capital, and entrepreneurship |
| Choice | Is selecting an tiem or action from a set of possible alternatives. Individuals must choose/make decisions about desired goods and services because these goods and services are limited. |
| Opportunity Cost | Is what is given up when a choice is made-- the highest valued alternative forgone. Individuals must consider the value of what is given up when making a choice. |
| Price | The amount of money exchanged for a good or service. Interaction of supply and demand determines price. |
Created by:
lcomess
on 2005-12-14