Core Concepts 5 Review

What word means "located in the countryside"?

• rural

• urban

What word means "located in city/town"?

• rural

• suburban

• urban

the study of how people meet their wants and needs

• economics

• scarcity

• opportunity cost

• demand

having a limited quantity of resources to meet unlimited wants

• economics

• scarcity

• opportunity cost

• demand

the cost of what you have to give up when you make a choice

• economics

• scarcity

• opportunity cost

• demand

the desire for a certain good or service

• economics

• scarcity

• opportunity cost

• demand

the amount of a good or service that is available for use

• supply

• producers

• consumers

• incentive

people or businesses that make and sell products

• supply

• producers

• consumers

• incentive

people or businesses that buy, or consume, products

• supply

• producers

• consumers

• incentive

a factor that encourages people to act in a certain way

• supply

• producers

• consumers

• incentive