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15 Cards in this Set
- Front
- Back
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Economics
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the study of how people make choices when resources are scarce
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Scarcity
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when there are no sufficient resources to produce all that people want
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Opportunity Cost
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the value of the choice given up when a decision is made
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Demand
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the willingness and ability to consume certain quantities at certain prices
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Supply
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the willingness and ability to produce certain quantities at certain prices
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Trade-Off
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giving up some of one thing to get some of another thing
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Barter
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trading items people have for items they want or need
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Profit
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momentary gain in money through a buisness
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Inflation
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when the prices of an item keeps going up
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Surplus
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overabundance or having more than needed
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Goods
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items that can be bought of sold
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Service
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any action that one person does for another in exchange for payment
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Resource
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anything used to produce goods and services
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Microeconomics
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study of economic decisions made by consumers and producers that affect individuals in an economy
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Macroeconomics
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study of economic decisions that affect the economy of a nation
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