Chapter 5.1 Word Scramble
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Term | Definition |
economics | study of how people meet their wants and needs |
supply | amount of goods or service that is available for use |
scarcity | having a limited quantity of resources to meet unlimited wants |
producer | people or businesses that make and sell products |
opportunity cost | cost of what you give up when you make a choice |
consumer | people or businesses that buy (or consume) products |
demand | desire for a certain good or service |
incentive | factor that encourages people to act in a certain way (ex. money) |
marginal cost | cost of making one more unit of a product (sets the minimum price for a product) |
factors of production | the resources people use to make goods and services |
three main factors of production | land, labor and capital |
market clearing price (market price) | price in which demand equals supply |
What happens to demand when the price of a product goes up? | demand will decrease (people will want less of it) |
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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