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HCS CE.11a
CE.11a
Question | Answer |
---|---|
The inability to satisfy all wants at the same time. | Scarcity |
The selection of an item or action from a set of possible alternatives | Choice |
What is given up when a choice is made | Opportunity Cost |
The amount of money exchanged for a good or service | Price |
Things that incite or motivate | Incentives |
The using of goods and services | Consumption |
The amount of a good or service that consumers are willing to pay at a certain price | Demand |
The amount of a good or service that producers are willing and able to sell at a certain price | Supply |
Factors of production that are used in the production of goods and services. | Resources |