| A | B |
|---|
| scarcity | inability to satisfy all wants at the same time |
| resources | factors of production that are used in the production of goods and services |
| choice | selecting an item or action from a set of possible alternatives |
| opportunity cost | is what is given up when a choice is made |
| price | the amount of money exchanged for a good or service |
| incentives | things that incite or motivate & are used to change economic behavior |
| demand | the amount of a good or service that consumers are willing and able to buy at a certain price. |
| supply | amount of a good or service that producers are willing and able to sell at a certain price |
| production | combining of human, natural, capital, and entrepreneurship resources to make goods or provide services |
| comsumption | using goods and services |
| entrepreneur | person who takes a risk to produce goods and services in search of profit |
