Economics Vocabulary

Which term refers to the amount of money exchanged for a good or a service?

What type of resource are drivers, miners, and sales people, examples of?

Which type of resource are drills, trucks, assembly lines, and factory buildings examples of?

Which term means how much of a good/service consumers are willing to buy at a certain price?

If John decides to buy a $20 shirt instead of a $15 pair of pants, what's the opportunity cost?

What is the term for items which are produced to be bought and sold (e.g.- corn, iPods, etc.)?

Which of the following is NOT a type of resource we learned about?

Because of a scarcity of goods and services, which of the following is true?

What is the term for attempts to change people's economic behavior (sales, coupons, etc.)?

What is the term for actions people pay for (babysitting, health care, etc.)?

What is the term for things which are needed in order to produce goods?

Which type of resource are wood, coal, and cotton examples of?

Which term means that there are not enough goods/services to meet everyone's wants and needs?

What is the term for the next highest alternative when a choice is made (the item NOT chosen)?

Which term means how much of a good/service producers are willing to sell at a certain price?