Needs, are basic necessities of life., Wants, are things that you would like to have but are not necessary for survival, Demand, refers to how much (quantity) of a product or service is desired by buyers., choice, is the selection between two or more commodities, Supply, represents the amount the market can offer, for a product or service at a given price over a given period of time., Opportunity cost, is the hidden cost of any and every economic decision.

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