Economics Vocab

2. the combining of resources to make goods or provide services
3. Water, minerals, fish, lumber
5. the inability to satisfy all wants at the same time
6. The process of designing, launching and running a new business (ex: Opening a lemonade stand, Jeff Bezos - Amazon, Oprah Winfrey)
7. the amount of money exchanged for a good or service
9. the selection of an item or action from a set of possible alternatives
11. the amount of a good or service that producers are willing and able to offer for sale at each possible price during a given period of time
12. the using of goods and services
13. the amount of a good or service that consumers are willing and able to buy at different prices during a given time period

1. The people who produce the good or service (ex: workers, teachers, cashiers, managers).
4. Resources that occur in nature
8. factors of production that are used in the production of goods and services
9. Man made tools and equipment for the production of goods + services (ex: Dough mixer, money, moving truck)
10. cost what is given up when a choice is made (the second-best alternative)