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Economics

Please use these to study for our economics test

QuestionAnswer
Needs Things we must have to live.
Wants Things that you would like to have but do not need to live.
Resource Something that we can use (water, plants, money)
Scarce There is not enough of something.
Opportunity Cost The thing you give up when you make a choice.
Benefit A good result from a choice you make.
Cost The price of something.
Goods Things that people make or grow.
Consumer person who buys and uses goods.
Income Money that people earn.
Skill Knowing how to do something.
Trade To buy, sell, or exchange goods for services with someone else.
Created by: ebergerwestbay