Vocab unit 8 Flashcards
1
Q
What is scarcity
A
The inability to satisfy All wants at the same time
2
Q
What does choice mean
A
Selecting an item or action from a list of possible alternatives
3
Q
What is opportunity cost
A
What is given up When a choice is made
4
Q
What is Consumption
A
Using goods and services
5
Q
What are economics
A
Social science dealing with the production distribution and consumption of goods and services
6
Q
What are services
A
Performing work for somebody
7
Q
What is a Marketplace
A
The place where goods or services are sold
8
Q
What is a producer
A
Person or company who makes goods or services
9
Q
What is a consumer
A
Person Who uses goods or services
10
Q
What is consumer sovereignty
A
Consumers determine what goods and services are made and produced
