72
Lesson 72 of 84 · Economics
How Businesses Start
Producers create goods and services; consumers buy and use them. A farmer growing oranges is a producer; a person buying orange juice is a consumer.
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?