Economics

______ is the study of how people meet their wants and needs.

• Economics

• Supply

• producer

• Opportunity cost

Resources that people use are called ________.

• Economics

• Factors of production

• Supply

• Scarcity

There are no limits to things that people want, but there are limits to what can be created. This difference between wants and reality creates a _________.

• Economic

• Supply

• Scarcity

• Producer

Making a choice involves an ____________, or the cost of what you have to give up.

• Economic

• Supply

• Scarcity

• Opportunity cost

__________ is the desire for a certain good or service.

• Demand

• Supply

• Producer

• Consumer

___________ is the amount of good or service that is available for use.

• Demand

• Supply

• Consumer

• Producer

__________ are people or businesses that make and sell products.

• Demand

• Supply

• Producers

• Consumers

___________ are people or businesses that buy or consume products

• Supply

• Demand

• Producers

• Consumers

__________ is a factor that encourages people to act in a certain way.

• Incentive

• Market

• Competition

• Profit

______ is an organized way for producers and consumers to trade goods and services.

• Market

• Barter

• Currencies

• Profit