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Economics

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Study of how societies use it's scarce resources

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Scarcity

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Finite Resources, limited in quanity

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Good/service

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Good: Tangible product that can be purchased

Service: intangible good consumers can be or use

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Needs/Wants

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Needs: Something necessary for survival

Want: A desire not necessary for survival

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Supply/Demand

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Supply: Amount of a product or service that can be purchased

Demand: Amount of good that the public wants AND is willing to buy

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Macro-Economics

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Large, Broad economic study--unemployment, poverty, supply and demand

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Microeconomics

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Study of smaller elements of economics, individual topics, or individual decisions or markets

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Command Economy

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Total gov control over resources, money, property, and markets

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Market Economy

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People have choices, resources and businesses are privately owned; little to no gov. involvement

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Mixed Economy

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Some elements of the economy are controlled by government, some elements privately owned--shared control of resources/markets