Economics Vocabulary

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resources

Back

all things used in producing goods and services

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opportunity cost

Back

the option you give up when you make a choice

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scarcity

Back

the limited nature of society's resources

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consequence

Back

the result of an action

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distributed

Back

given out

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industries

Back

a group of businesses that produce certain goods or services (for example: the car making industry)

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competition

Back

the struggle among producers for the dollars of consumers that awards us with better quality products at lower prices

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incentive

Back

a motivating factor

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entrepreneur

Back

A person who organizes and manages a business.

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investment

Back

putting money into something in hopes of a return