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Consumer Econ

Unit 1 Wants Needs and Supply Demand

TermDefinition
budget a plan that details how money will be earned and spent
choice a decision you make between two or more options
goods things that are made or grown and then sold
needs things required for living
services acts of work or responsibility for another person
wants things you wish for but are not necessary to live
available possibel to get, buy or use
consumer one who gives money to a business for goods or services
demand the want of customers to buy or use something
expensive having a high cost
price the amount of money that something costs
supply the amount of available goods and services
opportunity cost the next best choice given up when you make a decision
scarcity when there are not enough resources for everyone to have what they want
buyer someone who purchases things
seller a person or business who has items for sale
producer people who make products to sell to consumers
exchange to give something and get something in return
purchase the act of buying something
Created by: mstrigueros
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