Fifty Nifty Econ-Level1

Front

What are the inputs used to produce goods and services?

Back

Resources

Front

What is the term for using money to acquire goods and services?

Back

Spend

Front

What do we call the situation when there is not enough of a resource for everyone who wants it?

Back

Scarcity

Front

What are the things that people desire and wish to have?

Back

Wants

Front

What is the act of setting aside money to use in the future?

Back

Save

Front

What is the economic term for the value of the next best alternative that is given up when making a choice?

Back

Opportunity Cost

Front

What is the term for the satisfaction or pleasure derived from consuming a good or service?

Back

Utility

Front

What do we call the resources that are limited in supply and cannot be replenished?

Back

Non-renewable Resources

Front

What is the economic principle that describes the relationship between supply and demand?

Back

Market Equilibrium

Front

What is the term for a situation where the quantity supplied is greater than the quantity demanded?

Back

Surplus