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social studies test

QuestionAnswer
Needs things you must have to stay alive
Economics decisions people make to meet needs and wants
Wants: things you would like to have
Supply: how much of a good or service is available
Demand: total amount of goods and services
Goods :product or things that we can use
Services: things people do for others
Consumers a person who is buying from a producer
Producers someone that makes something else and provides servises
Scarcity limited resources available for consumers while the demand is endless
Profit the extra money you have over a period of time
Cost-benefit analysis making pros and cons
Cost how much money you have to pay
Benefit a good thing you get like an advantage or help
Created by: ysmendez
 

 



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