Social studies vocab Flashcards
1
Q
Economics
A
The study of how society uses scarce resources to satisfy unlimited needs and wants
2
Q
Supply
A
How much of a product is available
3
Q
demand
A
How much of a product people are willing to buy
4
Q
need
A
Something you must have, an essential item
5
Q
want
A
Something you desire, but can live without
6
Q
opportunity cost
A
The cost or value of your choice. (What you are missing out on by not choosing something)
7
Q
scarcity
A
Limited goods or services, limited time or limited abilities to achieve what is desired
8
Q
cost
A
The amount of money needed to produce the good or to perform the service
9
Q
price
A
The amount of money expected, required or given for goods or services
10
Q
consumer
A
A person who purchases goods and services
11
Q
producer
A
A person or company that produces goods and services
