Supply and Demand

Supply

• the amount of a good or service that is available

• how much people want or need a good or service

• things that a person must have in order to survive

• things that a person would like to have but are not necessary to survive

Needs

• the amount of a good or service that is available

• how much people want or need a good or service

• things that a person must have in order to survive

• things that a person would like to have but are not necessary to survive

Wants

• the amount of a good or service that is available

• how much people want or need a good or service

• things that a person must have in order to survive

• things that a person would like to have but are not necessary to survive

Demand

• the amount of a good or service that is available

• how much people want or need a good or service

• things that a person must have in order to survive

• things that a person would like to have but are not necessary to survive

Scarcity

• the total cost of materials and labor needed to make a product

• cost related to providing a good or service

• a person or group that makes a product

• a person who buys goods and services

• a shortage of a resource shortage of a resource

Producer

• the total cost of materials and labor needed to make a product

• cost related to providing a good or service

• a person or group that makes a product

• a person who buys goods and services

• a shortage of a resource shortage of a resource

Consumer

• the total cost of materials and labor needed to make a product

• cost related to providing a good or service

• a person or group that makes a product

• a person who buys goods and services

• a shortage of a resource shortage of a resource

Expense

• the total cost of materials and labor needed to make a product

• cost related to providing a good or service

• a person or group that makes a product

• a person who buys goods and services

• a shortage of a resource shortage of a resource

Cost of production

• the total cost of materials and labor needed to make a product

• cost related to providing a good or service

• a person or group that makes a product

• a person who buys goods and services

• a shortage of a resource shortage of a resource

Cost of production

• the total cost of materials and labor needed to make a product

• cost related to providing a good or service

• a person or group that makes a product

• a person who buys goods and services

• a shortage of a resource shortage of a resource