Economic Vocabulary

The inability to satisfy all wants at the same time.

The factors of production that are used in the production of goods and services.

What occurs when a good or service is selected or chosen from a group of alternatives

This is the amount producers are willing and able to produce and sell at a certain price.

Things that are owned such as land & equipment that are used to produce goods and services.

This is the purchasing and using of goods and services.

What is a term that refers to the commercial activity of buying and selling goods and services.

This is the amount of money that is exchanged for a good or service.

What type of resource do people risk on production to earn a profit?

What are human resources?

What type of resources occurs in nature that are used to produce goods and services.

What is given up when a choice is made? It measures the cost of the next best choice forgone.

This refers to the amount that consumers are willing and able to buy at a certain price.

What is the combining of resources to make goods or provide services called.

These are used to influence consumer decisions and change economic behaviors.