2. Economics

3. 1.Having to do with the production, distribution, and consumption of goods and services 2.The management of the income, supplies, and expenses of household, business, government, etc.

4. Needs-those things you need to survive

5. Wants- things that are not needs: Ipod, television, bicycle, basketball, etc.

6. Scarcity- when people’s wants and needs are unlimited and resources are limited.

7. Opportunity Cost- what you must give up to get what you want.

8. Consumer- someone who buys goods and services.

9. Producer- people who use resources to make goods and services.

10. Consumer Credit- ability to buy goods or services now and pay later (buying money).