econ Word Scramble
|
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
| Term | Definition |
| supply | total amount of a specific good service that is available to consumers. |
| demand | quantity of consumers who are willing and able to buy products at various prices during a given period of time |
| producer | Create, or produce, goods and provide services |
| quantity supplied | The number of goods or services that suppliers will produce and sell at a given market price. |
| quantity demanded | total amount of a good or service that consumers demand over a given interval of time. |
| equilibrium | condition or state in which economic forces are balanced |
| shortage | condition where the quantity demanded is greater than the quantity supplied at the market price |
| surplus | the amount of an asset or resource that exceeds the portion that is utilized. |
| scarcity | when the demand for a resource is greater than the supply of that resource, as resources are limited. Limited goods, unlimited demand |
| opportunity cost | the value of the next-best alternative when a decision is made |
| trade-off | involves a sacrifice that must be made to get a certain product or experience. |
| marginal cost-benefit analysis | process used to measure the benefits of a decision or taking action minus the costs associated with taking that action. |
| 4 types of opportunity costs | land, labor, physical and human capital |
| economic system | societies or governments organize and distribute available resources, services, and goods across a geographic region or country |
| socialism | property and the means of production are owned in common, typically controlled by the state or government. |
| laissez faire | less the government is involved in the economy, the better off business will be, and by extension, society as a whole. |
| invisible hand | metaphor for the unseen forces that move the free market economy |
Created by:
rblai5092
Popular Economics sets