Basics of Economics

Using goods and services

Rivalry between producers and/or sellers

Earnings after all expenses have been paid

Things used to incite or motivate to change economic behavior

Factors of production used in the production of goods and services

The amount of a good or service that consumers are willing and able to buy at a certain price

The amount of a good or service that producers are willing and able to sell at a certain price

consumers decide through purchases what will be produced and how much they will pay

Selecting an item or action from a list of possible alternatives

The amount of money exchanged for a good or service

The term meaning the inability to satisfy all wants at the same time

What is given up when a choice is made

The combining of resources to create goods and services