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core concepts 5
| Term | Definition |
|---|---|
| Economics | study of how people meet their wants and needs |
| Scarcity | having a limited quantity of resources to meet unlimited wants |
| Opportunity cost | cost of what you have to give up when making a choice |
| Demand | desire for a particular good or service |
| Supply | amount of a good or service that is available for use |
| Producers | person or business that makes and sells products |
| Consumers | person or business that buys or consumes products |
| Incentive | factor that encourages people to behave in a certain way |
| Market | organized way for producers and consumers to trade goods and services |
| Profit | money a company has left over after subtracting the costs of doing business |
| Revenue | money earned by selling goods and services and by taxes |
| Specialization | act of concentrating on a limited number of goods or activities |
| Competition | struggle among producers for consumers’ money |
| Inflation | general increase in prices |
| Recession | zero or negative economic growth for six or more months in a row |
Created by:
194562
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