Econ Vocabulary Word Scramble
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| Term | Definition |
| Economics | the branch of knowledge concerned with the production, consumption, and transfer of wealth |
| Scarcity | unlimited wants, limited resources |
| Opportunity Cost | A benefit, profit, or value of something that must be given up to acquire or achieve something else |
| Market Economy | money control citizens and businesses. There is little government intervention |
| Equilibrium Price | the market price where the quantity of goods supplied is equal to the quantity of goods demanded. |
| Breakeven Analysis | to determine the number of units the business needs to sell in order to avoid losses. |
| Breakeven Point | total cost and total revenue are equal |
| Business Cycle | fluctuation in economic activity that an economy experiences over a period of time |
| Recession | decline in gross domestic product |
| Depression | a sustained, long-term downturn in economic activity |
| Economic Indicators | statistic about an economic activity. economic performance and predictions of future performance. |
Created by:
JourniW
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