Unit 1 Vocab Part 1

The good/service given up in a trade-off.

The price point where buyers and sellers are satisfied.  Supply = Demand.

The way a country manages how goods and services are produced, bought, and sold.

The amount of goods/services that consumers are willing to buy at a certain price.

When you must give up one thing in order to have another.

When there are not enough goods/services to satisfy our needs and wants. 

When land, labor, and capital resources are used to create a good or service.