economicsupplyvocab Matching
| other products that can be produced with the same resources (pizza or pretzels) |
| the cost of the next best alternative use of time, money or resources when one choice is made rather than another |
| The schedule of quantities offered for sale at all possible prices in the market. |
| land, labor, capital, entrepreneurs |
| agreed upon price by the producer and the consumer; where Qs = Qd |
| causes an increase in supply without increasing resources |
| when a change in price has little impact on Qs |
| where goods and services are exchanged |
| the fundamental problem of Economis, satisfying unlimited wants with limited resouces |
0:00
