Economics

when the supply of goods or services does not

meet the demand because of limited resources

• goods

• services

• scarcity

• producers

things you can buy or consume, such as food,

books, or toys

• goods

• services

• scarcity

• producers

the amount of a product that people want and

buy

• supply

• demand

• scarcity

• consumers

something you pay another person to do for you

• goods

• demand

• services

• producers

the amount of a product that businesses are

able to offer for sale

• goods

• services

• supply

• demand

things that people require for survival

• needs

• services

• wants

• demand

people that make and provide goods and

services

• needs

• consumers

• wants

• producers

things that people would like to have for

enjoyment but can live without

• needs

• consumers

• wants

• producers

people that use goods and services to satisfy their needs and wants

• needs

• consumers

• wants

• producers

• need

• want