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Econ Vocab Week 1

QuestionAnswer
Goods an object that people can want or hold
Services an action that a person does for someone else
Price what people pay for goods and services
Opportunity Cost when one chooses to buy one item over another, it's the item he/she didn't buy
Supply the amount of a good or service available
Demand the quantity of people wanting to buy a good or service
Scarcity when there is not enough of a good for everyone to own or have it
Needs must have in order to survive
Want a desire not a necessity
Entrepreneur a person who starts and/or owns a business
Created by: Ellen Pierson
 

 



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