Economics Standards

A Consumer is

• someone who purchases a good or service

• Someone who makes a good or service

• Someone who created a good or service

A producer is

• Someone who is consuming a good

• A company creating goods and services

Scarcity is all about

• making choices with limited resources

• making choices with unlimited resources

• An oil pipeline is broken

• A grocery store's refrigerators go out

Opportunity Cost is

• The most desirable outcome given up along with a value

• A choice between two options

• Using a coupon at a store

A trade off is

• A value given up

• The choice between two different options

• A way to make people act a certain way

Labor is

• Someone inventing taking a risk

• Someone physically doing manual labor

• someone ordering on Amazon.com

Capital is

• Someone working

• Someone ordering food through door dash

• The means of producing a mean or profit

An Entrepreneur

• hands out free incentives

• takes risks and makes improvements

• Works in a factory

• Supplies the consumer market

What is a service?

• Actions or activities that one person performs for another

• Physical objects that satisfy needs and wants

• Someone working in a factory

Voluntary Exchange

• Benefit for the consumer

• Benefit for the producer

• Mutual benefit between the consumer and producer