Supply and Demand

The desire of a customer for a good or service

• demand

• needs

• profit

• supply

Setting money aside to pay for certain wants and needs

• profit

• asset

• allocating

• supply

a limited supply (rare)

• choice

• scarcity

• supply

• needs

coal, water, oil are examples of

• goods

• services

• wants

• natural resources

Cutting someone's lawn, washing someone's car are examples of

• goods

• services

• profit

• resources

food, shelter and air are basic

• wants

• needs

what you have to give up in order to get something

• supply

• opportunity cost

• needs

• want

Choosing what item you would like but you do not really need

• prioritizing

• needs

• wants

• profit

The amount of goods or services is called your

• needs

• supply

• wants

• scarcity

An economic objective is getting the ________ with the least

• most

• many

• money

• income