Economics Vocabulary

6. The next best thing given up when a choice is made
7. The point where supply and demand meet and there is no surplus or shortage
9. Man-made tools used by a business to produce a product or provide a service
11. The study of how people, businesses, and nations make choices about resources
12. Money earned after all costs of producing a good or service have been paid
13. The amount of goods or services consumers are willing to buy

1. People who work to make goods or provide services
2. Rivalry between producers for consumers resulting in better quality and lower prices
3. Items from nature used in making a good or service
4. Selecting an item or action from a set of possible alternatives
5. Inability to satisfy all wants because resources are limited
8. Reward offered to persuade people to change economic behavior
10. The amount of goods or services producers are willing to make and sell