Economics

The situation in which unlimited wants exceed the limited resources available to fulfill those wants.

• Market 
• Tradeoff
• Scarcity 
• Equity 

How much consumers want something

• Demand

• Barter

• Consumer

The amount of something available to customers

• Consumer

• Services

• Supply

What are services?

• Work that someone does for someone else
• Items that are made or grown
• Something that is not real
• Something that is used to do work for someone else

What is a consumer?

• Someone who makes or grows goods or offers services
• someone who makes products
• Something that grows in nature
• Someone who buys goods and services

The making, buying and selling of goods and services

• economics
• inflation
• market
• barter

____________ are the products made in an economy. 

• Goods
• Services
• Consumption

The money or the time you spend on one thing cannot be spent on something else. The cost of what you have to give up.

• producer

• opportunity cost

• demand

• supply

1.) What to produce 2.) How to produce it 3.) For whom to produce for = Basic Economic Questions

• True

• False

What might happen if the demand for a new type of sneaker began rising quickly?

• The manufacturer would begin making fewer sneakers

• The sneaker company would raise the price of the sneakers

• People would refuse to pay more money for the sneakers

• The sneaker company would lower the price of the sneakers