SS Chapter 7 - Vocabulary

what an item is worth to a person

• abundance

• opportunity cost

• wants

• value

when there is not enough of something to meet people's needs and wants

• abundance

• opportunity cost

• scarcity

• value

the value of the thing you give up when you choose one thing over another

• opportunity cost

• needs

• wants

• scarcity

things you must have to live

• abundance

• scarcity

• needs

• wants

things you would like to have but do not need

• wants

• needs

• abundance

• scarcity

a lot of something

• abundance

• scarcity

• needs

• wants

work that one person does for another

• consumer

• goods

• services

• profit

things that people make or grown and then sell

• consumer

• producer

• goods

• services

the money that businesses have left after their costs are paid

• capital resource

• goods

• profit

• consumer

a person who makes a product or provides a service

• producer

• consumer

• capital resource

• services