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SS Unit 4 Week 1

SS Economics Week 1

TermDefinition
Goods something a producer makes to sell to a customer
Services an action provided by a producer for a consumer to satisfy a need or want
Scarcity the LACK of resources to produce all the goods and services that are needed or wanted
Benefit what you gain as the result of a decision
Cost what is lost or given up in the process of getting something else as a result of a decision
Opportunity Cost the value of what you have to give up in order to choose something else
Trade the buying and selling of goods and services
Voluntary Exchange to trade willingly in a way that benefits both sides
Created by: WilliamsLHE5th
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