| A | B |
|---|
| choice | selecting an item or action from a set of possible alternatives |
| consumption | the using of goods and services |
| demand | the amount of a good or service that consumers are willing to buy at a certain price |
| incentives | things that motivate people to change economic behavior |
| opportunity cost | the highest valued alternative forgone when a choice is made |
| price | the amount of money exchanged for a good or service |
| production | the combining of human, natural, and capital resources to make goods and provide services |
| resources | factors used in the production of goods and services |
| scarcity | the inability to satisfy all wants and needs at the same time |
| supply | the amount of a good or service producers are willing and able to sell at a certain price |
