Econ Chapter 1

Someone who uses goods or services?

• Consumer

• Supply

• Scarcity

• Producer

The amount of money that a company makes after all the costs of running the business have been paid.

• Supply

• Demand

• Profit

• Consumer

A person who makes goods or provides service.

• Human Resources

• Producer

• Consumer

• Supply

Materials that are produced for people to buy things that can be seen and touched.

• Goods

• Services

• Opportunity Cost

• Supply

How much in the way of goods and services people want and are able and willing to buy at a given price:

• Production

• Opportunity Cost

• Supply

• Demand

Jobs that people do for other people in return for pay.

• Services

• Goods

• Profits

• Supply

The study of the manufacture(production), distribution, sale and use (consumption) of goods and services.

• Biology

• Economics

• Personal Finance

• Math

Things in nature for which man has found use:

• Natural Resources

• Human Resources

• Goods

• Services

Things that people would like to have in order to survive, such as food

• Wants

• Needs

• Goods

• Services

When there are not enough goods and services to satisfy the wants and needs of people:

• Scarcity

• Demand

• Economics

• Cost