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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 |
Created by:
NMSElliott
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