Economics Vocab

Front

Study of how people meet wants and needs.

Back

Economics

Front

Good: Cell Phone

Back

Cell Phone

Front

Cost of what you give up

Back

Opportunity Cost

Front

Desire for a good or service

Back

Demand

Front

People or businesses that make and sell goods

Back

Producers

Front

Includes money and human-made goods like machinery and buildings

Back

Capital

Front

3 factors of production:

Back

Land, Labor, Capital

Front

The work people do

Back

Labor

Front

Trading goods/services for other goods/services

Back

Barter

Front

Ability and willingness to produce a good or service

Back

Supply