Unit 1: Game of Economics_Vocab

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Economics

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is the study of how individuals and societies satisfy their unlimited wants with limited resources.

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Economy

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the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.

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Wants

Back

Desires that can be satisfied by consuming a good or a service.

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Needs

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things that are necessary for survival.

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Scarcity

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exists when there are not enough resources to satisfy human wants.

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Goods

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objects, such as food, clothing, and furniture, that can be bought.

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Services

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work that one person does for another.

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Consumer

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a person who buys or uses goods or services.

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Producer

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a maker of goods or a provider of services.

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Opportunity Cost

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the value of the next best alternative that is given up when making a choice.