Economics MI K-12 SS Econ 1.1 Vocab Flashcard

Front

Resources to meet human wants are limited.

Back

scarcity

Front

A place where producers and consumers meet to exchange goods and services.

Back

market

Front

Distribute something for a purpose

Back

allocate

Front

Value of the option NOT chosen when deciding between two.

Back

opportunity cost

Front

Motivates action.

Back

Incentive

Front

One or more people living together, combining resources for shared economic decisions.

Back

household

Front

An organization that produces and sells goods or services to earn profits.

Back

business

Front

A person who organizes a new business and assumes risks and rewards.

Back

entrepreneur

Front

Possible negative future outcome.

Back

Potential risk

Front

Possible positive future outcome.

Back

Potential reward