Economics - 2nd Grade

Someone who provides a service or makes a good.

• Consumer

• Need

• Producer

• Scarity

Someone who buys goods or services.

• Consumer

• Producer

• Opportunity Cost

• Scarcity

Something you must have in order to survive.

• Want

• Goods

• Need

• Services

New toys, vacations, video games, Robux, etc

• Need

• Producer

• Dentist

• Want

Something that someone makes or builds that satisfies a need or want.

• Target

• Goods

• Services

• Opportunity Cost

Something you do NOT have to have in order to survive.

• Want

• Need

• Producer

• Shelter

An action that satisfies a need or a want.

• Goods

• Producer

• Services

• Target

Water, food, shelter

• Scarcity

• Needs

• Opportunity Cost

• Wants

There is not enough of a certain product.

• Scarcity

• Opportunity Cost

• Consumer

• Needs

Things that you have to give up to get something else you need.

• Goods

• Wants

• Scarcity

• Opportunity Cost