7th lesson6 unit 1 EB basic economics

Multiple Choice

The study of how people meet their wants and needs.

• Producer

• Principle

• Economics

Multiple Choice

The cost of what you have to give up

• Principle

• Opportunity cost

• Demand

Multiple Choice

The desire for a certain good or service

• Demand

• Supply

• Principle

Multiple Choice

The ability and willingness to produce a good or service

• Producers

• Supply

• Demand

Multiple Choice

Are people or businesses that make and sell goods or services

• Minimum

• Economics

• Producers

Multiple Choice

Are people or businesses that buy, or consume, goods or services

• Supply

• Consumers

• Principle

Multiple Choice

Lowest acceptable level

• Minimum

• Demand

• Opportunity cost

Multiple Choice

Basic guiding value

• Minimum

• Opportunity cost

• Principle