Economics Vocab. Review

Front

Selection of an item or action from possible alternatives.

Back

Choice

Front

What is given up when a choice is made?

Back

Opportunity cost

Front

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

Back

Production

Front

Using of goods and services.

Back

Consumption

Front

Interaction of __ and __ determines price.

Back

Supply and Demand

Front

Example of an entrepreneur?

Back

A person who uses money to start a business selling cell phones.

Front

The hammer a carpenter uses is -

Back

a capital resource

Front

Riddle: When people can't get all they want or need at once, they blame me for limited resources. I am called -

Back

scarcity

Front

Chloe needed tennis shoes but wanted a sweater. What was her opportunity cost?

Back

the sweater

Front

Riddle: I give consumers control of the economic market. Consumers determine what goods and services are produced. I am called -

Back

consumer sovereignty