Social studies

what is the study of how people choose to use resources

• services 
• economics
• want 
• need

items that people buy are called 

• goods 
• wants 
• needs 
• trade

work done for other people for a fee 

• services 
• opportunity cost  
• profit 
• demand 

a basic necessity for human life ,such as food, water,clothing,and shelter

• need 
• want 
• supply
• service

items that people do not have to have ,but that they want to have 

• want 
• need 
• profit 
• goods 

situation in which people want want more of something that exists

• scarcity
• services 
• goods 
• economics

the exchange of one iem for another 

• trade
• supply
• demand
• want

the sacrifice  that is made when a person chooses between alternative goods and services 

• opportunity cost 
• demand 
• productivity 
• specialization 

the amount of money that is left over after all the expenses of production have been paid 

• profit 
• goods
• services 
• want 

the ability and willingness of sellers to or service avalible for sell

• supply 
• demand
• productivity
• wants