Economics Final Review 1

A thing that you can buy and sell is called a

• Demand

• Producer

• Good

• Opportunity cost

The idea that people have unlimited wants but limited resources is called

• Supply

• Scarcity

• Consumer

• Law of Demand

Someone who pays for goods and services is called a

• Consumer

• Producer

• Trade-Off

• Demand

When you pay someone to do something for you

• Opportunity cost

• Supply

• Service

• Good

How much consumers are willing to pay for a good or service.

• Budget

• Demand

• Supply

• Utility

What you lose by making a choice is the _________

• Mortgage

• Opportunity cost

• Savings

• Demand

When prices go up, demand goes

• Up

• Down

When supply goes up, prices go

• Up

• Down

When demand goes down, prices go

• Up

• Down

When demand goes up, prices go

• Up

• Down