Matching Pairs Economics Vocabulary 1Online version Economics Vocabulary 1 by Michael Loret 1 Supply 2 Scarcity 3 Incentives 4 Consumption 5 Demand 6 Opportunity cost 7 Economy 8 Resources 9 Natural resources 10 Price 11 Goods 12 Services 13 Capital resources 14 Production 15 Human resources 16 Supply and demand factors of production that are used in the production of goods and services. Types of resources are natural, human, capital, and entrepreneurship. the combining of human, natural, capital, and entrepreneurship resources to make goods or provide services. Resources available and consumer preferences determine what is produced. Things that incite or motivate behavior. Incentives are used to change economic behavior. the using of goods and services. Consumer preferences and price determine what is purchased and consumed. Something done to benefit someone else that is intangible (ex. bus driver drives students to school, provides service of transportation) What is given up when a choice is made—i.e., the highest valued alternative is forgone. Individuals must consider the value of what is given up when making a choice. The amount of a good or service that producers are willing and able to sell at a certain price. The amount of a good or service that consumers are willing and able to buy at a certain price. tangible items that result from production, such as books, cars, pants, and shovels. The way a country manages its resources to produce, buy and sell goods and services. The amount of money exchanged for a good or service. Interaction of supply and demand determines price. Price determines who acquires goods and services. Raw materials supplies by nature The tools, equipment, and buildings that are used to produce goods and services The availability of goods plus how great the demand is for those goods will determine the price. the inability to satisfy all wants at the same time. All resources and goods are limited. This requires that choices be made. People who work to produce goods and services
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