1.6 Economics

Study of how people meet their wants and needs

• Anthropology

• Economics

• Geography

• Demand

Cost of what you have to give up

• Supply

• Trade-off

• Opportunity cost

• comparative trade

Desire for a certain good or service

• Scarcity

• supply

• demand

• production

Ability to produce a good or service

• Demand

• Output

• Producer

• Supply

People or businesses that make and sell goods and services

• consumers

• supplier

• producers

• service industry

People or businesses that buy goods or services

• producers

• supplier

• consumer

• user

Lowest acceptable level; least amount

• maximum

• minimum

• most

• excess

Most Americans value the principle of freedom.

Principle means

• basic belief

• leader

• national law

• warrior

Taking place within a country

• foreign

• international

• domestic

• extraneous

Coming from outside a country

• native

• local

• foreign

• internal