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WorksheetsEconomics and Geography
Total questions: 21
Worksheet time: 11mins
What is the study of how people and governments meet their wants and needs? (the science that deals with the production, distribution, and consumption of goods and services? pg. 58
Scarcity
Supply
Economics
This is the difference between my wants and the reality of what I can actually afford. I want the new iPhone XS, but I cannot afford $999.00 for a phone. pg. 58
Demand
Profits
Scarcity
Consumers
People or businesses that buy, or use, products. pg. 59
Profits
Incentive
Consumers
Producers
Goods and services sold or shipped outside of a country's borders. pg.67
Imports
Exports
A gradual increase in the cost of goods and services over time. pg. 61
Recession
Inflation
Where producers and consumers trade goods and services. pg. 60
market
supply
profit margin
When I make decisions about what I want to buy I have to consider how much I have to give up to buy certain items. The cost of what you have to give up is called this. pg. 59 (Ex: If I spend $999 on the new iPhone XS, I will most certainly have to give up buying other things that I may want).
Budget
Tariffs
Opportunity Cost
The amount of goods or services that is available for use. pg. 59
Supply
Demand
