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CIVICS
Economy Terms
10
Civics
8th Grade
03/14/2012

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Cards

Term

SCARCITY

 

Definition
inability to satisfy all wants at the same time
Term
RESOURCES
Definition
factors of production that are used in the production of goods and services
Term
CHOICE
Definition
selection of an item or action from a set of possible alternatives
Term
OPPORTUNITY COST
Definition

what is given up when a choice is made

(highest valued alternative forgone)

Term
PRICE
Definition
the amount of money exchanged for a good or service
Term
INCENTIVES
Definition
things that incite or motivate
Term
DEMAND
Definition

DEMAND is the amount of a good or service that consumers are willing and able to buy at a certain price

 

SUPPLY

Term
PRODUCTION
Definition
the combining of human, natural, capital and entrepreneurship resources to make goods or provide services
Term
CONSUMPTION
Definition
the using of goods and services.  Consumer preferences and price determine what is purchased and consumed.
Term
SUPPLY
Definition
the amount of a good or service that producers are willing and able to sell at a certain price.
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