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economics

Click here and play games while you test your knowledge of some economics terms.

AB
economicsthe study of the way the things people need and want are made and brought to them
marketa place where goods are bought and sold
law of supply and demandwhen the quantity of a wanted item is limited, its price goes up
producerspeople who make goods
consumerspeople who use goods or services
barterto trade
interdependencerelying upon one another for desired goods or services
natural resourcestrees, land, minerals and water are some examples
opportunity costwhen you choose to buy one thing over something else, what you don't buy is your___.
capital resourcesbuildings and equipment used to produce goods or services
goods and serviceseverything bought and sold
labor force/human resourcesthe people who produce goods and services
scarcitynot enough of something, causing choices to need to be made.


Betty Esposito

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