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