ECONOMICS

Someone who buys or pays for a good or service.

• Consumer

• Producer

• Scarcity

• Natural Resource

Someone who creates a good or service for others to buy or use.

• Consumer

• Producer

• Scarcity

• Natural Resource

An economic condition that exists when demand is greater than supply.

• Consumer

• Producer

• Scarcity

• Natural Resource

TRUE OR FALSE: To be successful, a business must produce: Goods and services that people want.

• TRUE

• FALSE

TRUE OR FALSE: Opportunity cost is the value of what you give up because you choose to do or buy something else.

• TRUE

• FALSE

Land, fuel, water, and minerals are this kind of resource:

• Natural

• Capital

• Human

Money, buildings, and equipment are this kind of resource:

• Natural

• Capital

• Human

Human-made goods, tools, machines, and buildings used to produce other goods and services:

• Natural

• Capital

• Human

The amount of a product or service that is available:

• Demand

• Supply

The amount of a product or service that people want and are willing to pay for.

• Demand

• Supply