economics is the study of () and () goods and services
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producing & consuming
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the idea of supply and demand is based on the development of
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sufficient products to meet consumer wants
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what forces businesses, industries, and governments to make decisions?
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scarcity
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what are some reasons for studying economics?
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1. economics has an impact on everyday life
2. economics can help people learn to manage resources
3. economics explains the roles of producers and consumers
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which activity would a consumer most likely perform?
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filling a lawnmower with gas
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studying economics best helps and individual determine how to achieve economic
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goals
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which individual is a producer?
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a quality control manager who works in a busy restaurant
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based on the lesson, what would most affect the price of a consumer is willing to pay for a newer version of a laptop computer?
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the demand for the added performance elements
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which factor should be most important if you are considering purchasing a new video game?
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the other things you could do with your money instead
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every economic decision has
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a consequence or tradeoff
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