economics

What does the word buyer mean?

• the person receiving the good or service for a price

• the person selling the good or providing the service

• a trade where both traders get something good in return

What do choice mean?

• keeping money instead of spending it

• things that a person would like to have but not necessary

• a decision that must be made

What is a need?

• what is a person needs to live

• things that a person would like to have

• a decision that must be made

What is opportunity cost?

• working in the most efficient way possible

• what people must give up in order to get what they most want

• the exchange of goods and services

what is a personal budget?

• benefit given to get someone to take a certain action

• plan for using money that considers a person's saving and spending habits

• how efficient a good or service is produced in order to increase profit

what is price incentive?

• how efficient a good or service is produced

• a way to motivate buyers to take action (coupons)

• a trade where both traders get something good in return

What does productivity mean?

• working in the most efficient way possible

• when workers and business make more money

• how efficient a good or service is produced in order to increase profit

What does saving mean?

• when money or goods are exchanged for other goods or services

• a choice a person has to keep their money instead of spending it

• plan for using money that considers a person's saving and spending habits

What is a seller?

• a trade where both traders get something good in return

• the person receiving the good or service

• the person selling the good or providing the service

What does specialization mean?

• benefit given to get someone to take a certain action

• the exchange of goods and services

• working in the most efficient way possible to make the cost of producing items lower