Download Economics - Fulton County Schools

What to Buy?
Choices/
Choices
Economics
Potluck
10 pt
10 pt
10 pt
20 pt
20 pt
20 pt
30 pt
30pt
30 pt
40 pt
40 pt
40 pt
50 pt
50 pt
50 pt
The need or
desire that
people have for
a product or
service is
called…
Demand
Trying to
convince
consumers to
buy a product or
service instead
of someone
else’s…
Competition
The amount of
money needed to
buy a product or
service…
Price
The amount of a
product or
service to be
sold…
Supply
The person who
buys products or
services…
Consumer
Information that a
producer provides about
its product or service
(usually to try to
convince a consumer to
purchase it…
Advertisement
Not enough of
something…
Scarcity
To negotiate back and
forth for a lower
price or better
trade…
Haggle
What a person gives up
buying or doing when
he chooses to buy or do
something else…
Opportunity Cost
When a person has to
give up buying or
doing one thing in
order to buy or do
something else…
Trade-off
Something that
is made…
Product
The study of how
people produce, sell,
and buy products and
services…
Economics
To trade…
Barter
You get 40 points!
Way to go!
Something that is
done for someone
else…
Service