SOCIAL STUDIES !!

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World History

International Trade

IB Economics (HL)

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10 Terms

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<p>What is economics?</p>

What is economics?

Economics is the study of how people, businesses, and governments make decisions

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<p>What is opportunity cost?</p>

What is opportunity cost?

The thing you give up on when you make a choice

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<p>What’s a producer?</p>

What’s a producer?

People who make goods or provide services

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<p>What is demand?</p>

What is demand?

Demand is how much of that product or service consumers want to buy

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<p>What is the equilibrium price?</p>

What is the equilibrium price?

The price at which the amount supplied matches the amount demanded

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<p>What is a shortage?</p>

What is a shortage?

A lack of something

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