67
Lesson 67 of 84 · Economics
Supply and Demand
Goods are physical products like bicycles and sandwiches. Services are actions done for others: haircuts, medical care, teaching. Both have value in the economy.
Key Facts
1
Every choice has an opportunity cost.
2
Money is a medium of exchange.
3
Needs are different from wants.
Check Your Understanding
Question 1
1 of 2What happens when demand is high and supply is low?