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