Economics vocab p. 1
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 | a social science that studies how people allocate their limited resources
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| needs | things that are required for survival
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| wants | luxury items that are not required for survival
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| scarcity | resources are limited, needs and wants are unlimited (this is the reason for economics)
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| goods | something that people need or want, can be touched
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| services | work provided for another, including information
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| consumer | somebody who buys goods or services
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| opportunity cost | the cost of the next best alternative use of time, money, or resources
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| incentives | rewards for making a certain choice, or punishment for making a different choice
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| demand | The level of desire or need that exists for particular goods and services
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| supply | The quantity of a type of goods or services available in a market at a given time
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| interest | an extra charge made for a loan
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| consumable goods | things that are able to be used up or discarded after use
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| durable goods | long-lasting products, for example cars or appliances
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| market | the whole area of economic activity, where buyers are in contact with sellers, and in which the laws of supply and demand operate
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| surplus | extra goods than are not sold
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| shortage | not enough goods to satisfy the demand
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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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