Economic Terms

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The inability to satisfy all wants at the same time. All resources and goods are limited. Is known as?

The amount of money exchanged for a good or service. Interaction of supply and demand determines this. This determines who acquires goods and services. Is known as?

The amount of a good or service that producers are willing and able to sell at a certain price. Is known as?

The selection of an item or action from a set of possible alternatives. Individuals must choose or make decisions about desired goods and services because these goods and services are limited. Is known as?

The using of goods and services. Consumer preferences and price determine what is purchased and consumed. Is known as?

The combining of human, natural, capital, and entrepreneurship resources to make goods or provide services. Resources available and consumer preferences determine what is produced. Is known as?

Things that incite or motivate. Are used to change economic behavior. Is known as?

What is given up when a choice is made—i.e., the highest valued alternative is forgone. Individuals must consider the value of what is given up when making a choice. Is known as?