Economics Review

What is the study of the way goods and services are made and used?

• market

• geography

• economics

Where buyers and sellers exchange goods and services.

• government

• economics

• market

People who produce goods and services.

• producer

• consumer

• market

Lack of available resources.

• services

• scarcity

• goods

Resources that come from nature: water, soil, trees, coal, etc.

• natural resources

• scarcity

• market

Work that is done by others.

• services

• consumer

• economics

How much of a good or service is available

• consumer

• supply

• money

The act of trading goods and services you have for goods and services you want

• boat

• trade

• goods

Opportunity cost is...

• the exchange of goods and services in a market

• the value of the next best choice when you choose something else

• the price you pay for goods and services

Which is an example of a want?

• water
• clothing
• iPad
• shelter