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HCS CE.11a


The inability to satisfy all wants at the same time. Scarcity
The selection of an item or action from a set of possible alternatives Choice
What is given up when a choice is made Opportunity Cost
The amount of money exchanged for a good or service Price
Things that incite or motivate Incentives
The using of goods and services Consumption
The amount of a good or service that consumers are willing to pay at a certain price Demand
The amount of a good or service that producers are willing and able to sell at a certain price Supply
Factors of production that are used in the production of goods and services. Resources
Created by: eleatherwood