Economic Terms

the study of how a society chooses to use its scarce resources to produce goods and services

• economics

• choice

• market

• profit

objects that can satisfy people's wants

• goods

• services

• demand

• supply

actions that can satisfy people's wants

• services

• goods

• supply

• demand

the condition of not being able to have everything we want

• scarcity

• choice

• demand

• market

quantity of goods available in the marketplace at any given time and at a given amount

• supply

• demand

• market

• price

amount of a good that buyers will buy at a specific time and at a specific price

• demand

• supply

• choice

• profit

a decision; the act of deciding

• choice

• opportunity cost

• market

• price

value of the best alternative given up

• opportunity cost

• scarcity

• demand

• barter

people generally repeat the decisions made at an earlier time by an earlier generation

• traditional economy

• command economy

• market economy

• mixed economy

allocations result from individuals making decisions as buyers and sellers

• market economy

• traditional economy

• command economy

• mixed economy