Unit 1 Basic Economic Concepts Spring '25

_________________________ create or provide goods and services.

• Goods

• Services

A ________________________ can be used to compare the advantages and disadvantages of different options to make a decision.

• trade-off

• Cost-Benefit Analysis

When someone performs a task for you in exchange for money you are purchasing a __________________________.

• Service

• Product

________________________ are things you would like to have but do not absolutely need to survive.

• Wants

• Needs

___________________________ purchase and use goods and services.

• Consumers

• Producers

___________________________ motivate individuals to act in a certain way.

• Incentives

• Opportunity cost

___________________________ are items you can touch and own.

• Tangible Goods

• Intangible Goods

Every choice results in an _________________________________________, which is the next-best option you don’t choose.

• Opportunity Cost

• Trade-off

When there’s a limited amount of resources to meet your needs and wants, then you are faced with the problem of _______________________________________.

• Scarcity

• Abundance

________________________ are things that you cannot live without.

• Needs

• Wants