Economics

Who is a person that makes goods?

• producer

• consumer

• distributor

• retailer

What are things people like to have but do not need?

• needs

• wants

• requirements

• necessities

What is a shortage or lack of supply of an item?

• abundance

• scarcity

• surplus

• excess

Limited resources may cause ________?

• abundance

• scarcity

• surplus

• excess

A farmer is a __________ because they grow food to sell.

• consumer

• distributor

• producer

• retailer

What are things people make?

• services

• goods

• ideas

• emotions

What is the thing you have to give up in order to get your first choice?

• opportunity cost

• sunk cost

• marginal cost

• fixed cost

What are things we must have to live?

• wants

• needs

• desires

• luxuries

The amount that consumers are willing to buy for a certain price

• supply

• demand

• equilibrium

• scarcity

A group of people living in the same area under the same government?

• society

• community

• nation

• tribe