Economics Flashcard

Front

_____ occurs when there are limited resources to meet unlimited wants and needs.

Back

Scarcity

Front

The value of the next best alternative that must be given up when making a decision is called _____.

Back

Opportunity Cost

Front

The point where the quantity of goods supplied equals the quantity demanded is known as _____.

Back

Market Equilibrium

Front

_____ refers to the amount of goods producers are willing to sell at different price levels.

Back

Supply

Front

______ refers to the quantity of goods consumers are willing and able to buy at different price levels.

Back

Demand

Front

Positive and negative _____ influence the choices individuals and businesses make.

Back

Incentives, Factors, Decisions, Outcomes

Front

The responsiveness of consumers or producers to changes in price is referred to as _____.

Back

Elasticity, Inelasticity, Demand, Supply

Front

A _____ helps individuals manage their income and expenses.

Back

Budget

Front

______ is the portion of income not spent and set aside for future use.

Back

Savings

Front

A _____ is a numerical representation of a person’s creditworthiness.

Back

Credit Score