1) The study of how people/groups of people make choices given the resources that they have. a) Economics b) Scarcity 2) Not enough of something a) Goods b) Scarcity 3) Things that you buy, use, or sell a) Goods b) Services 4) Work done by someone for someone else a) Goods b) Services 5) People who make something or provide a service a) Consumer b) Producer 6) People who buy or use goods and services a) Consumer b) Producer 7) Things that are used to make goods and services a) Income b) Resources 8) Money earned by working a) Income b) Resources 9) The place where goods and services are traded a) Market b) Economic 10) Trade, such as trading goods and services for other goods and services or money a) Scarcity b) Exchange 11) Materials that are found in nature and can be used to make goods a) Natural Resources b) Human Resources c) Capital Resources 12) People who give their skills and time to do something, like a job, to add to the economic system a) Natural Resources b) Human Resources c) Capital Resources 13) Goods that are used to make other goods (examples: machines and tools) a) Natural Resources b) Human Resources c) Capital Resources 14) An economy where most goods and services are made and used in a free market a) Economic b) Market Economy 15) How much of a product, service, or resource is available a) Supply b) Demand 16) How many people want a product or service, and how much people are willing to pay for it a) Supply b) Demand 17) How much money something costs a) Economy b) Price 18) The skills, knowledge, and experience that a person has or can provide a) Human capital b) Price 19) The amount of a good or service that buyers can and want to buy a) Economics b) Market demand 20) Research that is done to get information about what people want to buy and why a) Market research b) Market demand 21) The worth of a good or service based on people's preferences and the costs and benefits to them a) Supply b) Value 22) What you give up to buy or do something a) Human resource b) Cost 23) What you gain when you buy or do something a) Benefit b) Natural resource 24) The opportunities and benefits we miss out on when we choose one thing over another a) Influence b) Opportunity cost 25) Verb- to change or affect someone or something a) Scarcity b) Influence 26) Noun- Something that has the power to change or affect someone or something a) Exchange b) Influence 27) Things that can motivate or encourage someone to do something a) Incentive b) Consumer 28) Something you are trying to work toward or achieve a) Goods b) Goals 29) A plan for how to spend money a) Budget b) Value

Economics

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