Relier Pairs Economics Vocabulary 1Version en ligne Economics Vocabulary 1 par Michael Loret 1 Human resources 2 Resources 3 Opportunity cost 4 Natural resources 5 Services 6 Incentives 7 Goods 8 Supply 9 Economy 10 Supply and demand 11 Demand 12 Scarcity 13 Consumption 14 Price 15 Capital resources 16 Production 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 a good or service that consumers are willing and able to buy at a certain price. The tools, equipment, and buildings that are used to produce 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. factors of production that are used in the production of goods and services. Types of resources are natural, human, capital, and entrepreneurship. 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) Raw materials supplies by nature the combining of human, natural, capital, and entrepreneurship resources to make goods or provide services. Resources available and consumer preferences determine what is produced. tangible items that result from production, such as books, cars, pants, and shovels. The amount of a good or service that producers are willing and able to sell at a certain price. The availability of goods plus how great the demand is for those goods will determine the price. 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. Things that incite or motivate behavior. Incentives are used to change economic behavior.
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