Economic Principles Week 17

the amount of product that is avaliable

• producer

• consumer

• supply

• demand

the amount of product people actually want or need

• producer

• consumer

• supply

• demand

a person who buys goods and services

• producer

• consumer

• supply

• demand

someone who makes a good or provides a service

• producer

• consumer

• supply

• demand

How does supply and demand affect the price of goods and services?

A ________ occurs when there's a greater supply of something than a demand for it.

________ is not having enough of something.

• Opportunity cost

• Supply

• Demand

• Scarcity

True or False: Purchasing is trading goods without using money.

• True

• False

________ is mutually relying on each other to get things done.

• interdependence

• trading

• importing

• exporting

________ is when you buy, sell, or exchange a good or service for something else you want or need.

• interdependence

• trade

• import

• export