Economics Basics

Having a limited quantity of resources to meet unlimited wants

• economics

• scarcity

• supply

• producer

The amount of a good or service that is available for use

• Scarcity

• Economics

• Supply

• Producers

A factor that encourages people to act in a certain way

• Incentive

• Producers

• Consumers

• Supply

The study of how people meet their wants and needs

• Economics

• Scarcity

• Incentive

• Consumers

The cost of what you have to give up

• Demand

• Economics

• Incentive

• Opportunity Cost

The desire for a certain good or service

• Producers

• Supply

• Demand

• Incentive

People or businesses that make and sell products

• Producers

• Consumers

• Supply

• Demand

People or businesses that buy, or consume, products

• Producers

• Opportunity cost

• Consumers

• Economics