The quantity of a good or service that consumers are willing to buy at a given price.

The quantity of a good or service a producer is willing to produce at different prices.

Value of the next-best alternative.

Which term refers to the resources used to produce goods and services?

What is the term for the amount of a product that producers are willing to sell at various prices?

What is the term for the amount of a product that consumers are willing to purchase at various prices?

What is the term for the cost of foregoing the next best alternative when making a decision?

Which term describes the essentials required for survival?

List 2 examples of a want.

What are the 4 types of Economic Systems?

Name one example of something that can affect prices.

List two examples of Material Goods.

Economics is all about making choices and satisfying the wants and needs of consumers.

Business owners are driven by helping the economy.