What is Economics

1. The study of how people make choices to satisfy their wants and needs.
7. The study of the sum total of all microeconomic aspects that impact the overall economy.
10. The desires that people have.
13. A cost or benefit that has an unintended and undesirable result which is contrary to an individual’s interests.
14. A cost or benefit that leaves the consumer better off.
15. When you choose one thing over another.
16. The basic necessities that a person must have in order to survive.

2. The value of whatever we give up in order to get/do something else.
3. When there are limited quantities of resources to meet unlimited needs or desires.
4. 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.
5. A cost or benefit that leaves the consumer worse off.
6. Tangible items you purchase.
8. A cost or benefit that motivates a person to make a decision.
9. Making a decision when faced with two or more possibilities.
11. This means that everything has a cost, whether it is time, money, or effort.
12. Actions or activities that are done for others for a fee.