Economics Basics Lesson 6

The cost of what you have to give up is called

• demand

• opportunity cost

• supply

• revenue

The ability and willingness to produce a good or service is called?

• supply

• demand

• producer

• minimum

The study of how people meet their wants and needs

• demand

• producers

• consumers

• economics

The desire for a certain good or service

• demand

• supply

• consumers

• principles

People or businesses that make and sell goods or services

• consumers

• producers

• economics

• supply

An economy in which people make economic

decisions based on their groups, customs and values.

• Market economy

• command economy

• Traditional economy

• mixed economy

lowest acceptable level

• budget

• principles

• maximum

• minimum

An economy in which the central government makes all economic decisions

• market economy

• command economy

• traditional economy

• mixed economy

The trading of goods and services

• barter

• producers

• opportunity costs

• consumers

An economy in which individual consumers and

producers make economic decisions.

• command economy

• trade economy

• market economy

• traditional economy