Economics Basics Review

The study of how people meet their wants and needs.

Something that is necessary

A plan that shows income and expenses over a period of time.

If demand decreases, the price may

Something offered to people by businesses such as hotels, restaurants, hospitals and banks.

If demand increases, the price can

The ability and willingness to produce a good or service

Physical itmes such as food, shirts, cell phones

People or businesses that make and sell goods or services.

The desire for a certain good or servant

Something that is desired

People or businesses that buy goods or services

The money people receive from the work they do.