SS Unit 3b Vocabulary
__1. moneyA. medium of exchange which can be used to measure value as a m
__2. national economyB. creator of goods or provides services.
__3. needsC. management of resources for the entire country.
__4. opportunity costD. items or services which are necessary for survival. (necess
__5. producerE. what is given up when an economic choice is made
__6. profitF. the full amount of money received for a product or service.
__7. revenuesG. difference between production costs and revenues.
__8. scarcityH. work done by professionals.
__9. servicesI. the imbalance between unlimited wants and limited resources
__10. shortageJ. limited supply and high demand
__11. specializeA. only specific goods or services.
__12. supply and demandB. supplies limited and demands high, price goes up and vice
__13. surplusC. items which are nice to have, but are not necessary to survi
__14. wantsD. the supply of something is greater than the demand.
__15. warrantiesE. take out ($) from a bank as needed.
__16. withdrawF. guarantee on products
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