| A | B |
|---|
| scarcity | the inability to satisfy all wants at the same time because resources are limited |
| Economics | the study of how we acquire and distribute |
| price | the amount exchanged for a good or service |
| choice | selecting an item from a set of alternatives |
| opportunity cost | what is given up when a choice is made |
| supply | the amount of something that producers are willing to make |
| demand | the amoount of something that consumers are willing to buy |
| incentive | something that motivates a consumer to buy or change their economic behavior |
| cosumption | using goods or services |
| Types of Resources | Human, Capital, Entrepreneurship,Natural |
| Resources | factors used in production of goods or services |
| Consumer Sovereignty | the power of the consumer to determine what is produced in the marketplace |
