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Transcript
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
