Introduction to Economics

The cost of the next best use of time or money when chooshing to do one thing or another

• trade-off

• opportunity cost

• economics

• profit

Materials used to make goods or services

• economics

• labor

• products

• resources

A person or business that provides goods and services

• producer

• consumer

• entrepreneur

• provider

goods a person must have to survive

• capital

• needs

• wants

• natural resources

desires that individuals and nations have that can be met by getting a good or a service

• wants

• scarcity

• surplus

• shortage

giving up one good or service for another

• underselling

• sacrifice

• trade - off

• market value

which one of these is NOT one of the three basic economic questions asked?

• How will the good or service be produced?

• Who will buy the good or service?

• How high will prices go in a society?

• What good or service will be produced?

The study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants

• automation

• mechanization

• concilliation

• economics

The amount of a good or service that people are willing and able to buy at various prices during a given time period

• supply

• demand

• market price

• market value

The amount of a good or service that producers are willing and able to sell over a range of prices

• barter

• cost

• supply

• assets