- opportunity cost giving up one thing to gain something else
- economics relating to the use of goods & services (the business world) or money
- resources any item that is used to make something else (land, human labor,supplies)
- scarcity limited resources vs. unlimited wants (not having enough)
- voluntary exchange the act of buyers and sellers exchanging goods in a market in a way that satisfies them both
- trade the voluntary exchange of goods and services in a market—also called commerce
- price incentive a special price or reward given to encourage consumers (customers) to buy a product
- good something that you pay for and can use or consume (car, CD, food)
- service something that you pay for that someone does for you (haircut, car wash)
- want something you would like to have; it is not absolutely necessary (skateboard, car)
- need something you have to have to survive (food, water, shelter, clothes)
- specialization focusing on a specific knowledge or area of skill
- productivity the rate at which a company produces goods or services
Economics Causation Cards
Supply and Demand Sort