Intro to Economics: Needs, Wants, Goods, and Services

Front

What is the study of economics?

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Focuses on choices about buying, selling, using, and distributing resources.

Front

The knowledge gained from studying economics will enable us to

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make wiser economic decisions and become more financially literate.

Front

A key obstacle which influences, and impacts people’s economic choices is

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the scarcity problem.

Front

The things people need and want are classified into

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goods and services.

Front

What is a need?

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Things we need to survive.

Front

______________________ is the ability to understand basic economic concepts including saving, investing, debt.

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Financial literacy

Front

Things that are made or manufactured . = ______________

Back

Goods

Front

Is anything that it used to make a good or service. = ____________

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Resource

Front

Work performed for another person. = ____________

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Services

Front

Things people may desire to have but are not necessary for survival. = __________________

Back

Wants