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B Team S.S Economy

B Team Social Studies Economy

TermDefinition
Economics How people buy and sell goods, the study of money.
Scarcity The fewer the goods, then the less the price for the item.
Opportunity Cost If the product is worth it, and what you would buy instead of the product
Supply and Demand If the customers like the product then the price will go up, and if no one buys the product then the price goes down.
Competition How two producers compete to get more customers.
Market A place where customers buy goods and producers sell goods.
Profit How much money sellers gain from selling a product for more then its value.
Inflation The rise of a price of an item.
Created by: 20ktieu
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