Economics - The study of how people manage their resources to achieve their goals, Goods - Products that people buy, Interdependence - our reliance on others and theirs on ours to get the goods and services we need. , Medium of Exchange - an object that is generally accepted as payment for goods and services, Opportunity Cost - the value of the benenfit that is given up with choosing one alternative over another. , Scarcity - when our desire for a specific resource exceeds our ability to obtain it. , Trade off - giving up something you want in order to get something else you want more, Specialization - When individuals or nations focus resources and effort producing a limited number of items. ,

Leaderboard

Visual style

Options

Switch template

Continue editing: ?