Lesson 6 Economy

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Last updated 5:48 PM on 9/10/26
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8 Terms

1
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economics

The study of how people meet their wants and needs.

<p>The study of how people meet their wants and needs.</p>
2
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producer

People or businesses that make and sell goods and services.

<p>People or businesses that make and sell goods and services.</p>
3
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opportunity cost

Cost of what you have to give up when making a choice.

<p>Cost of what you have to give up when making a choice.</p>
4
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consumer

Person or business that buys or consumes goods and services.

<p>Person or business that buys or consumes goods and services.</p>
5
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demand

Desire for a particular good or service.

<p>Desire for a particular good or service.</p>
6
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supply

Amount of a good or service that is available for use.

<p>Amount of a good or service that is available for use.</p>
7
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minimum

Lowest acceptable level.

<p>Lowest acceptable level.</p>
8
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principle

Basic value

<p>Basic value</p>