Column A 1.What does supply mean? 2.What does demand mean?

Last updated: 7/24/2022

Column A 1.What does supply mean? 2.What does demand mean? 3.What are "wants"? 4.What is a "good"? 5.What are "services"? 6.What is economics? 7.What are resources? 8.What are natural resources? 9.What is "labor"? 10.What is "capital"? 11.What is 'scarcity"? 12.Traditional economy 13.market economy 14.command economy 15. mixed market economy 16.trade-off 17. opportunity cost Column B a. the study of how people choose to use their limited resources to satisfy their unlimited wants b. has elements of all 3 economies c.the amount of something that is available d.the cost of the next-best use of your money or time when you choose to do one thing rather than another e. work that is done for us f.buildings and tools g.planners who work for the government answer the questions h. the economic questions are answered on the basis of habit or custom i.individuals and businesses own the resources used to provides goods and services j.workers and their abilities k.occurs whenever we do not have enough resources to produce all of the things we would like to have l.giving up one alternative good or service for another m. the nation's land and all of the materials nature provides that can be used to make goods or services n. desires that people have that can be met by getting a product or a service o. things that we can touch or hold p. the things that can be used in making products or services that people want q. how much people want of something