CC 5: Economics 5.1

The study of how people meet their wants and needs.

• Population

• Economics

• Transportation

• Climate

Having a limited quantity of resources to meet unlimited wants.

• Scarcity

• Demand

• Producers

• Consumers

The cost of what you have to give up.

• Supply

• Marginal Cost

• Opportunity Cost

• Demand

The desire for a certain good or service.

• Supply

• Demand

• Incentive

• Scarcity

The amount of goods or services available.

• Demand

• Consumers

• Supply

• Producers

People or businesses that make and sell products

• Producers

• Supply

• Consumers

• Demand

People or businesses that buy products

• Producers

• Economers

• Consumers

• Factors

The cost of making one more unit of the product

• Opportunity Cost

• Economics

• Market

• Marginal Cost

Something that encourages people to act in a certain way

• Marginal cost

• Inflation

• Incentive

• economics

Materials used to make goods

and services.

• factors

• economics

• supply

• resources