Unit 1 Vocabulary

selecting an item or action from a set of possibilities

• consumer

• price

• choice

• trade

a person that uses something

• consumer

• producer

• resource

• demand

amount of a good or service that consumers will buy

• choice

• demand

• incentives

• supply

economic activity between countries

• global economy

• price

• supply

• demand

useful item

• goods

• services

• demand

• price

things that motivate; used to change behavior

• incentive

• obstacle

• price

• demand

what is given up when a choice is made

• service

• opportunity cost

• price

• trade

amount of money exchanged for a good or service

• price

• demand

• choice

• sale

a person that makes, grows, or supplies something

• consumer

• producer

• service

• supply

goods coming directly from nature

• human resource

• capital resource

• natural resource