Vocab
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| economics | study of how people meet their wants and needs
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| supply | amount of goods or service that is available for use
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| scarcity | having a limited quantity of resources to meet unlimited wants
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| producer | people or businesses that make and sell products
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| opportunity cost | cost of what you give up when you make a choice
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| consumer | people or businesses that buy (or consume) products
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| demand | desire for a certain good or service
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| incentive | factor that encourages people to act in a certain way (ex. money)
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| marginal cost | cost of making one more unit of a product (sets the minimum price for a product)
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| factors of production | the resources people use to make goods and services
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| three main factors of production | land, labor and capital
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| market clearing price (market price) | price in which demand equals supply
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| What happens to demand when the price of a product goes up? | demand will decrease (people will want less of it)
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| What happens to supply when the price of a product goes up? | supply will increase (companies will make more of it)
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
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