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SJMS Economics

Economics Vocabulary for VA SOL's

WordDefinition
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