Vocab 1
Extra money paid to someone who provides a service to you?
tip
A name written in handwriting that approves an official document?
signature
A paper that shows what you bought and how much you paid?
receipt
Who are the people and businesses that PROVIDE goods and services?
producers
Who are the people you BUY and USE goods and services?
consumers
People and businesses that PROVIDE goods and services?
producers
People who BUY and USE goods and services?
consumers
When we never have all we want of every good and service; lack or shortage?
scarcity
What is the extra money paid to someone to who provides a service to you?
tip
What is a paper showing what you bought and how much you spent?
receipt
Number of items ready for sale?
supply
demand
If the supply of an item is greater than its demand by consumers; extra; excess?
surplus
The act of giving up something of value to get what is most wanted?
trade-offs
What is given up when the alternative is not selected in a decision?
opportunity cost
The act of giving up something of value to get what is most wanted?
trade-offs
What is given up when the alternate is not selected in a decision?
opportunity cost
Detailed; listing of all items?
itemized
When supplies are low, prices are _______.
high
The price of an item will do DOWN is the supply increases or the demand for the item decreases. TRUE or FALSE
True