Supply and Demand

Front

Supply

Back

the amount of a good or service that is available

Front

Needs: how much people want or need a good or service

Back

how much people want or need a good or service

Front

Wants

Back

things that a person would like to have but are not necessary to survive

Front

Demand

Back

how much people want or need a good or service

Front

Scarcity

Back

a shortage of a resource

Front

Producer

Back

a person or group that makes a product

Front

Consumer

Back

a person who buys goods and services

Front

Expense

Back

cost related to providing a good or service

Front

Cost of production

Back

the total cost of materials and labor needed to make a product

Front

Cost of production

Back

the total cost of materials and labor needed to make a product