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