Economics 1 vocab

Front

Amount of money for a good/service

Back

Price

Front

What is given up when a choice is made?

Back

Opportunity cost.

Front

Factors of production for goods/services

Back

resources

Front

Inability to satisfy all wants at once

Back

scarcity

Front

Combining human, natural, capital, and entrepreneurship resources to create goods and services.

Back

Production

Front

Payment for loaned money

Back

Interest

Front

Model showing interactions of households, businesses & government in the US economy

Back

Circular Flow Model

Front

Economic rivalry among businesses selling similar products

Back

Competition

Front

Business owner taking a risk

Back

entrepreneur

Front

Mrs. Brinkley's lottery winnings will be used for:

Back

Take a Hawaiian cruise.