Economic Basics

What is the study of how people meet their wants and needs?

The money or time you spend on one thing that cannot be spent on something else is a(n) __________?

• demand

• supply

• opportunity cost

• consumer

The desire for a certain good or service is ________?

The ability or willingness to produce a good or service is ____?

Having a limited quantity of resources to meet unlimited want is _________?

• supply

• scarcity

• demand

• minimum

The people or business that make and sell goods or services are _________?

The people or businesses that buy, or consume, goods or services are _____________?

The money a company has left after subtracting its costs from the money it has received from its sales is ________?

• supply

• profit

• trade

• demand

A ____________ is an organized social institution allowing producers and consumers to trade goods and services.

__________ is the trading of goods and services for other goods and services.