Ecominics Basics Lesson

is the study of how people meet their wants and needs.

• Economics
• opportunity cost
• demand
• supply
• producer

another meaning of lowest acceptable level.

• minimum
• Economics
• opportunity cost
• demand
• supply

are people or business that make and sell goods or sevices.

• producer
• Economics
• opportunity cost
• demand
• supply

is the desire for a certain good and service.

• demand
• Economics
• opportunity cost
• supply
• producer

are people or business that buy, or consume, good or services.

• consumer
• Economics
• opportunity cost
• demand
• supply

means basic value

• principle
• Economics
• opportunity cost
• demand
• supply

Making a choice involves or the cost of what you have to give up.

• opportunity cost
• Economics
• demand
• supply
• producer

is the ability and willingess to produce a good or service.

• supply
• Economics
• opportunity cost
• demand
• producer

True or False: People's money is unlimited.

• True
• False

True or False: Poeple's want and needs are unlimited

• True
• False