WANTS - Desired but not required for survival, NEEDS - Required for survival, PRODUCERS - Those that make/grow/supply goods and services, CONSUMERS - Those that buy/use goods and services, SCARCITY - Not enough! People have to make choices., OPPORTUNITY COST - The choice not taken. It's what you "give up" to choose another option.,

Fundamentals of Economics- VOCAB

Leaderboard

Visual style

Options

Switch template

Continue editing: ?