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Econ

part 1

TermDefinition
Scarcity The inability to satisfy all wants at the same time
Resources Factors of production that are used in the production of goods & services
Choice Selecting an item or action from a set of possible alternatives.
Opportunity Cost The highest valued alternative forgone. (what is given up when a choice is made)
Price Amount of money exchanged for a good or service.
Incentives Things that incite or motivate and are used to change economic behavior
Supply The amount of a good or service that producers are willing and able to sell at a certain price.
Demand Amount of a good or service that consumers are willing and able to buy at a certain price.
Created by: 0915451
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