Producers and Consumers
A _________ is someone who makes a good or provides service.
PRODUCER
______________ is mutually relying on each other to get things done.
INTERDEPENDENCE
__________ is not having enough of something.
SCARCITY
The price of _______ and services changes.
GOODS
make choices on how to spend their money
people
People who buy goods and services are called...
CONSUMERS
Many areas of the US specializes in growing or _________ specific products
The scarcity of a major resource can affect an ...
ECONOMY
______ is the amount of product that is available.
SUPPLY
Imagine you have
20$
people often depend on trade with others to meet their...
WANTS AND NEEDS
______ is when you buy, sell,or exchange a good or service for something else you want or need
TRADE!!!!!!!!!!
Less rain makes it harder for those places to...
PRODUCE ELECTRICITY
Finally, they study the market for the ...
PRODUCT
You might ask a friend or family member for
Advice
A ________ is when something you need can't be found in the amount needed
SHORTAGE
_________ are goods that are brought in from another country
IMPORTS
The products a person gives up is ...
OPPORTUNITY COST
_________ is the amount of product people actually want or need.
DEMAND
Whichever you choose you also have to think about the
Oppertunity cost
When a consumer doesn't buy enough of a good or service it may cause producers to...
LOWER THE COST OF IT
________ are goods sent to another country to be sold.
EXPORTS
That can cause prices to go
UPPPPPP!!!!!!!!!!!!!!!!
When there's a greater supply of something than a demand for it, it's called a ....
SURPLUS
People make choices on how they spand
money