Economics Vocabulary for VA SOL's
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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| Scarcity | Is the inability to satisfy all wants at the same time. All resources arnd goods are limited. This requires that choices be made.
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| Resources | Are factors of production that are used in the production of goods and services. Types of resources are natural, human capital, and entrepreneurship
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| Choice | Is selecting an tiem or action from a set of possible alternatives. Individuals must choose/make decisions about desired goods and services because these goods and services are limited.
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| Opportunity Cost | Is what is given up when a choice is made-- the highest valued alternative forgone. Individuals must consider the value of what is given up when making a choice.
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| Price | The amount of money exchanged for a good or service. Interaction of supply and demand determines price.
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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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