Economics and Geography

What is the study of how people and governments meet their wants and needs? (the science that deals with the production, distribution, and consumption of goods and services? pg. 58

• Scarcity

• Supply

• Economics

This is the difference between my wants and the reality of what I can actually afford. I want the new iPhone XS, but I cannot afford $999.00 for a phone. pg. 58

• Demand

• Profits

• Scarcity

• Consumers

Why do countries and individuals trade goods and services?

• Because they gain something from the trade.
• Because they are forced to trade by the government.

The struggle between businesses selling the same goods (ex: Best Buy v.s. Walmart). pg. 60

• Supply
• Demand
• Competition

People or businesses that buy, or use, products. pg. 59

• Profits

• Incentive

• Consumers

• Producers

Another name for money (paper and metal coins) pg. 60 not highlighted

• Peso
• Currency
• Supply
• Bling

The desire for a certain good or service. pg. 59

• Barter
• Import
• Demand

What should a good economic budget include? pg. 68

• A good budget should include money left over for savings.
• A good budget should include allow you to buy everything your heart desires.

Goods and services sold or shipped outside of a country's borders. pg.67

• Imports

• Exports

Goods and services brought into a country. pg.67

• Imports
• Exports