7
Lesson 7 of 84 · Economics
Producers and Consumers
A budget plans how to spend and save. Families, businesses, and governments all use budgets. Creating one involves listing income, expenses, and savings goals.
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?