What is the study of choices that people make to satisfy their wants and needs?

If you choose to buy a book instead of going to the movies, the movie ticket represents your:

What is the main cause of scarcity?

Which of these best describes supply?

What is an example of a want rather than a need?

Which term describes the process of creating goods and services?

If the demand for a product is greater than the supply, what is likely to happen to the price?

What do think consumers buy the most worldwide?

A farmer who grows and sells fruit is a ______________________.

Scarcity means that there are unlimited resources available to fulfill every want and need.

Opportunity cost is the choice not taken.

A 'want' is something necessary for survival.

Production is the process of distributing goods to consumers.

In Economics, needs are considered the same as wants.

Distribution involves the transportation and delivery of goods and services from producers to consumers.

When resources are scarce, it is not necessary to make choices.

Land is a natural resource.

People can be resources too. They are called 'human resources' or 'labor'.

During Christmas, products like toys cost less because the demand decreases.