Economics Vocab- Julia Dodson by Julia https://padlet.com/3084561/padsr6gu1zcg Social Studies 1-odd en-us 2015-03-31 13:26:40 UTC 2015-04-01 13:19:48 UTC hello@padlet.com https://padlet-assets.storage.googleapis.com/portrait/earth.jpg SCARCITY Inability to satisfy all wants at the same time 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55493396 2015-03-31 13:27:02 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55493396 RESOURCES Factors of production that are used in the production of goods and services. (4 types:  Human, Capital, Natural, Entrepreneurship) 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55493444 2015-03-31 13:27:11 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55493444 CHOICE Selecting an item from possible alternatives 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55493474 2015-03-31 13:27:18 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55493474 OPPORTUNITY COST What is given up when a choice is made 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55493506 2015-03-31 13:27:26 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55493506 PRICE The amount of money exchanged for a good or service 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55493552 2015-03-31 13:27:35 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55493552 INCENTIVE Things that incite or motivate 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55493598 2015-03-31 13:27:43 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55493598 SUPPLY The amount of a good or service that PRODUCERS are willing and able to SELL at a certain price 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55493639 2015-03-31 13:27:52 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55493639 DEMAND The amount of a good or service that CONSUMERS are willing and able to BUY at a certain price 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55493845 2015-03-31 13:28:36 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55493845 PRODUCTION The combining of the 4 factors of production to make goods or provide services 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55493892 2015-03-31 13:28:45 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55493892 CONSUMPTION Using goods and services 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55493920 2015-03-31 13:28:53 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55493920 COST - value measured by what must be given or done or undergone to obtain something 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55493948 2015-03-31 13:28:59 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55493948 TRADE-OFF - the act of changing one thing for another thing 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55493968 2015-03-31 13:29:04 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55493968 TRADE - the commercial exchange (buying and selling on domestic or international markets) of goods and services 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55493992 2015-03-31 13:29:11 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55493992 Benefit - something that aids or promotes well-being 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55494035 2015-03-31 13:29:20 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55494035 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55495486 2015-03-31 13:35:34 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55495486 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55627276 2015-04-01 12:40:16 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55627276 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55627319 2015-04-01 12:40:45 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55627319 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55627438 2015-04-01 12:41:55 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55627438 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55627513 2015-04-01 12:42:34 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55627513 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55627579 2015-04-01 12:43:08 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55627579 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55627802 2015-04-01 12:45:08 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55627802 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55627869 2015-04-01 12:45:47 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55627869 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55628041 2015-04-01 12:47:18 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55628041 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55628288 2015-04-01 12:49:08 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55628288 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55628335 2015-04-01 12:49:32 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55628335 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55628428 2015-04-01 12:50:10 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55628428 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55628518 2015-04-01 12:50:44 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55628518 3084561 https://padlet.com/3084561/padsr6gu1zcg/wish/55628575 2015-04-01 12:51:08 UTC https://padlet.com/3084561/padsr6gu1zcg/wish/55628575