Economics

Something people need or want

• Service

• Goods

• Supply

• Want

Something that someone else does for you

• Service

• Goods

• Specialization

• Want

What is it called when you exchange something for a good or service?

• Buy

• Economic Choice

• Trade

• Deman

When people focus on the production of selected goods and services

• Economic Choice

• Trade

• Specialization

• Trade

What you choose to purchase

• Economic Choice

• Opportunity Cost

Once you have chosen what you will buy this is what you give up

• Economic Choice

• Opportunity Cost

How much of a good or service is produced

• Supply

• Demand

• Producer

• Consumer

How much a good or service is desired by consumers

• Supply

• Demand

• Producer

• Consumer

A person who uses resources to produce goods and provide service

• Producer

• Consumer

A person who uses goods and services

• Producer

• Consumer