Economics Vocabulary

5. the decision to make a slight change in a business plan in order to try to make more money
6. the amount of money you make after all of your initial expenses are taken care of
9. customers are usually willing to spend more for a product or resource when there is a limited supply
11. time, money, land, power sources & natural resources such as: wood, metals, water, minerals, etc.
12. the things you must pay for in order to begin a new business

1. what you give up when you decide to choose something else
2. the study of how we use our resources
3. when there is a limited supply of a product or resource that people were used to having no limits on (a.k.a. “shortage”)
4. limiting the quantity of a product or resource that people can purchase in order to make it more available to everyone, for a longer period of time
7. taking advantage of people or resources to make money
8. an amount of money you’ve lost in a business that you won’t be able to get back
10. how customers change their minds about a product or resource’s value based on emotions or physical conditions