Economic Concepts

_______ is determined by the interaction of supply and demand.

The inability to satisfy all wants is?

Goods and services that are essential (important) for life are referred to as

Collard Greens are a ______ resource 

What you give up after the choice is made

Which of these is a market?

Because of scarcity, we must make?

Lower prices for a good or service provide incentives for producers to make or sell less of a good or service.

Amount of money for the goods

There are not enough resources so I have to make a ________?

Individuals and businesses are decision makers for the private sector but the government is decision maker for public

Things used to motivate you to purchase (buy) something

Centrally planned economy and Lack of consumer choice

What type of resource would a teacher be classified as?

What ever I give up is my__________?

What type of resource is a school building?

Cell phones are a _______ resource

The combining of all resources to makes goods. Availability and preference determine _________?

Most economies today, including the United States economy, are ___________

Production of goods and services using ________ (Capital, Human, Natural and Entrepreneurship)

The use of goods and services.. Ex: We eat food and drink water

People often perform the same type of work as their parents and grandparents, regardless of ability or potential.

Competition and individual choice

Equilibrium price

Because of ________, I cant have everything I want...