ECONOMICS-UNIT 1 VOCAB

Front

Example of a service?

Back

Ms. Keefer provides lessons for different sports.

Front

Examples of goods:

Back

Apples, Computers, Clothing

Front

Economic problem of scarcity:

Back

People have unlimited wants but limited resources.

Front

A person or organization that uses a product or service is a:

Back

consumer

Front

Producer:

Back

A person, company, or country that makes, grows, or supplies goods for sale.

Front

What is given up when making a decision?

Back

Opportunity Cost

Front

Production possibilities curve:

Back

A graph showing an economy's production capacity for 2 goods.

Front

Term for giving up goods to obtain another?

Back

trade-offs

Front

Economics is based on:

Back

Allocation of scarce resources.

Front

Amber had $80. She bought a jacket for $70 after borrowing shoes. Opportunity cost?

Back

Dress