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12 terms

Economics

STUDY
PLAY
scarcity
not enough
natural resources
things in nature that people see as useful
human resources
workers and their skills
capital resources
things that are used to produce more goods and services
opportunity cost
when you make a choice, it is the second thing you wanted most
producer
someone who makes goods and services
consumer
someone who buys goods and services
market economy
the kind of economic system we have in our country
demand
consumers' willingness and ability to purchase a good or service
supply
the amount of a product or service that is available for consumers to buy
competition
when businesses sell the same good or service
exchange
trading goods and services with others for other goods and services or for money