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Economics Vocabulary Flashcards | StudBud
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Economics Vocabulary
Economics Vocabulary
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1
The study of how people make choices about using scarce resources to satisfy their wants...
Art
History
Economics
Science
2
When there is not enough resources to satisfy all your wants...
Supply
Scarcity
Monopoly
Wants
3
The benefit you give up by choosing to do one thing instead of another...
Competition
Incentives
Opportunity Cost
Profit
4
When one company controls an entire industry without any competition?
Closed Market
Monopoly
Fair Trade
Open Market
5
The amount of a good or service that consumers are willing and able to buy...
Demand
Wants
Needs
Economics
6
Food, water, and shelter are examples of...
Needs
Wants
Demand
Supply
7
Has elements of all three types of economic systems: traditional, market, and command...
Mixed Market Economy
Monopoly
Communism
Capitalism
8
Boats, iPhones, travel, and extra money are examples of...
Producer
Needs
Wants
Economics
9
Natural resources, labor, and capital are three types of...
Product
Resources
Opportunity Cost
Supply & Demand
10
The amount of a good or service that producers are willing and able to sell..
Demand
Profit
Competition
Supply
