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Economics vocabulary

economicsthe study of how things are made, bought, sold, used
scarcitythe inability to satisfy all wants at the same time
resourcesfactors of production used in making goods & services
choiceselecting an item or action from alternatives
opportunity costwhat is given up when a choice is made
priceamount of money exchanged for a good or service
incentivesthings that incite or motivate
supply & demandinteraction of these two determines price
productioncombining of resources to make goods or provide services
consumptionusing goods and services
entrepreneurperson who takes a risk
landplace for a business
laborpeople to make the product
capitalmoney, machines, buildings

Library Teacher
Marshall Middle School
The Plains, VA

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