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Tong AP Microecon. S

Marci Nakamura

QuestionAnswer
Scarcity Lack of food, money or other kinds of resources.
Opportunity Cost When one alternative is chosen over another there is a sacrifice.
Capital Assets or wealth owned by a person that is given to a person to start their own company or to make investments
Supply The amount of goods/services provided based on the need of others.
Demand The need of goods/services affects how much people should supply.
Market An area where people trade/buy others goods.
Competition A "batlle" between two opposing parties who must try and beat their competitor.
Needs Something that is essential; you can't live without.
Wants The desire to have something; you can live without.
Goods Products produced from people to sell.
Services Helping or working for someone.
Consumers People who purchase goods/services.
Budget An amount of money available for purchases.
Profit Sold price of an item subtracted from the cost of an item.
Cost The amount paid for an item.
Created by: beautifulnaks
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