Economics: Economic Basics

What is an item of value that a person can buy or make and then sell to other people?

What is a system of trade?

Trade is the exchange of things of value.

What is someone who makes a commodity available for sale or exchange?

Kimi is a basketball coach.

Scarcity means that people don't have to make choices because they can have everything that they want.

In most economies, people use money to buy and sell commodities.

A product-based company is a company that is focused on selling goods, such as lawn care and tutoring.

What is someone who buys or trades in order to receive the commodity?

What is something of value that can be bought, sold, or traded, such as a book, a car, or tutoring lessons?

What something is worth to people is called what?

People are usually a producer or consumer, but not both.

What is the study of how people deal with scarcity?

What is the condition of people having unlimited wants but living in a world with limited resurces?

What is something of value that a person can do for other people?