Economics Review

What you give up when making a decision.

• long term goal

• opportunity cost

• producer

Lack of available resources.

• services

• scarcity

• goods

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

• natural resources

• scarcity

• market

Someone who buys or uses goods and services.

• producer

• services

• consumer

Products that can be bought and sold.

• producer

• goods

• services

List 3 goods that could be produced using trees.

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Pick the producer.

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Pick the consumer.

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Pick the producer.

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Pick a consumer.

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