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Unit 3


scarcity when there are not enough goods and services to meet demand
opportunity cost the second-best alternative (or the value of that alternative) that must be given up
economics the study of how individuals and societies use their scarce resources to get goods and services
economic system an organized way a society uses to produce, distribute, and consume goods and services
monopoly a situation in which one company controls an industry or is the only provider of a product or service
tariff a tax on imported goods
consumer someone who buys goods or services
producer someone who makes goods or provides services
income money people earn by working
circular flow the pattern in which goods and services, resources, and money flow in a market economy
supply the amount of a product or service that is available for consumers to buy
demand how much of a product or service consumers are willing and able to buy
substitute good a good that can be used in place of another good
Created by: AMS SS6
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