2
Lesson 2 of 84 · Economics
Goods and Services
Needs are things required for survival: food, water, shelter, clothing. Wants are extras: toys, games, vacations. Understanding the difference helps us make smart choices.
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?