Economics Part 1

What person gives up to get something they want ( your second choice)

• opportunity cost

• consumer

• services

• natural resources

What do we call a person who buys a good or uses a service

• consumer

• goods

• service

• supply

This is something done for another person

• services

• supply

• Natural resources

• capital resources

Amount of goods and services that are available

• supply

• demand

• producer

• consumer

Material found in nature that people can use

• Natural Resources

• Human Resources

• Goods

• Demands

Tools, machines, equipment, money and factories used to make goods.

• Capital Resources

• Goods

• Demand

• Producer

These are the things bought to satisfy needs and wants.

• Goods

• Demands

• Producer

• Consumer

Number of people wanting a good or service

• Demand

• Goods

• Producer

• Economy

The way a place uses its money, good ,services and natural resources

• Economy

• Producer

• Goods

• Supply

A person who works for a business.

• Human Resources

• Capital Resources

• Supply

• Demand