Economic Basics

The study of how people meet their wants and needs.

• environment

• economics

• producers

• climate

Having a limited quantity of resources to meet unlimited wants

• incentive

• economics

• scarcity

• deforestation

The cost of what you have to give up

• supply

• demand

• economics

• opportunity cost

The desire for a certain good or service

• supply

• incentive

• demand

• scarcity

The amount of a good or service that is available for use

• weather

• nonrenewable

• fossil fuels

• supply

People or businesses that make and sell products

• producers

• consumers

• supply

• demand

People or business that buy, or consume, products

• producers

• consumers

• scarcity

• weathering

An organized way for producers and consumers to trade goods and services

• inflation

• recession

• market

• specialization