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Teacher: Alison DeCicco
Tangible objects that satisfy economic wants.
The study of how people, firms and societies choose to allocate scarce resources with alternative uses.
One who draws upon his or her skills and initiative to launch a new business venture with the aim of making a profit. Often a risk-taker, inclined to see opportunity when others do not.
Places, institutions or technological arrangements where or by means of which goods or services are exchanged. Also, the set of all sale and purchase transactions that affect the price of some good or service.
The amount of a good or service that producers are willing and able to offer for sale at each possible price during a given period of time. Normally, as the price of a good or service rises (or falls), the quantity supplied of the good or service rises (or falls).
Any reward or benefit, such as money, advantage or good feeling, that motivates people to do something.
Decision made or course of action taken when faced with a set of alternatives.
People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services.
Activities performed by people, firms or government agencies to satisfy economic wants.
People and firms that use resources to make goods and services.
Attempts by two or more individuals or organizations to acquire the same goods, services, or productive and financial resources.
The money in circulation in any country.
The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.
Desires that can be satisfied by consuming or using a good or service. Economists do not differentiate between wants and needs.
An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something.