Introduction to Economics

Trading something for something else - no currency involved

• demand
• barter
• goods
• market

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

How much people want something

• supply
• demand

The making, buying and selling of goods and services

• economics
• inflation
• market
• barter

Something we pay for that we can touch

• goods
• services

This is the amount of product available.

• Demand
• Scarcity
• Opportunity Cost
• Supply

If there are 25 students that need a social studies textbook, but the teacher only has 20, this is an example of what?

• Demand
• Scarcity
• Opportunity Cost
• Supply

Opportunity cost is...

• the selling of a good or service.
• not having enough of a good or service to meet the demand.
• what you give up when you choose to buy or do something else.
• someone who buys a good or service.

________ is the most basic economic problem.

• Scarcity
• Labor
• Greed
• Capital

Which of the following is a need?

• clothes
• car
• job
• smart phone