What is Economics

5. The value of whatever we give up in order to get/do something else.
8. When you choose one thing over another.
11. When there are limited quantities of resources to meet unlimited needs or desires.
12. The study of economics that focuses on the needs, desires and buying habits of the individual consumer based on the factors of supply and demand.
13. The basic necessities that a person must have in order to survive.
14. A cost or benefit that leaves the consumer better off.
15. A cost or benefit that has an unintended and undesirable result which is contrary to an individual’s interests.
16. This means that everything has a cost, whether it is time, money, or effort.

1. The study of how people make choices to satisfy their wants and needs.
2. The study of the sum total of all microeconomic aspects that impact the overall economy.
3. The desires that people have.
4. Actions or activities that are done for others for a fee.
6. A cost or benefit that leaves the consumer worse off.
7. Making a decision when faced with two or more possibilities.
9. A cost or benefit that motivates a person to make a decision.
10. Tangible items you purchase.