Economics Terms Word Scramble
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| Term | Definition |
| Shifters of Demand | Taste or preferences, income, price of related goods, # of consumers, future expectations |
| Shifters of Supply | Price/availability of resources, # of sellers, future expectations of profit, government action (taxes or subsidies), technology |
| Factors of production | Land, Labor, Capital (human or physical), entrepreneurship |
| Human Capital | any skill, knowledge, or experience possessed by an individual or population |
| Capital goods | Goods used to make consumer goods (factories, blenders, etc.) |
| Consumer goods | Things that are able to be consumed or used up (apple, pencil, tissue, etc.) |
| Scarcity | Unlimited wants but limited resources |
| Opportunity Cost | The most desirable alternative given up when you make a choice |
| Utility | Satisfaction |
| Marginal | Additional |
| Allocate | Distribute |
| 3 Shifters of PPC | Change in resource quantity/quality, change in technology, change in trade |
Created by:
harrisonmoore14
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