Economic vocabulary terms

What is opportunity cost?

• Opportunity cost is your monthly salary

• Opportunity cost is the money you get from investments

• Opportunity cost is the value of the next best thing that is given up when making a choice.

• Opportunity cost is the value of gold

Who are consumers?

• Consumers are the people that buy goods and services

• Consumers are businesses that manufacture the goods

• Consumers are animals that eat other animals

• Consumers sell goods and services

What is scarcity?

• Scarcity is unlimited resources

• Scarcity is a place where people named Scarlett live

• Scarcity is Laiba

• Scarcity is limited resources

Who are producers

• The person or company that makes goods or provide services

• Plants the make their own food

• People who produce and spread money everywhere

• People who buy goods and sevices

What are goods?

• Points you get when you do good things

• Money

• A physical thing that you can buy and own like cars

• Food

What are services?

• Services are intangible activities provided to consumers or businesses

• Services are physical goods sold to consumers

• Services are types of pastas

• Services are always free of charge