Econ Final Review

The study of resources such as money, materials, and labor

• economics
• services
• producers
• goods

What is a good?

• A need
• A baseball game
• Things people do for money
• Things that people make or grow

What is a want?

• A person
• Something you would like to have but don't need to live
• Purple
• Something you need to live

Tags

CCSS.RI. 9-10.2

CCSS.RI.11-12.2

CCSS.RL.11-12.2

CCSS.RL.8.2

CCSS.RL.9-10.2

A person who uses and buys goods and services 

• money 
• producer 
• consumer 
• economics 

A person who makes goods or provides a service 

• goods 
• service producer 
• producer
• consumer 

How much of something is available

• supply
• demand

The idea that resources are limited; we don't have an unlimited supply of what we want

• scarcity
• supply
• demand
• inflation

The place where goods and services are exchanged

• barter
• currency
• market
• resource

A general increase in prices

• price
• inflation
• scarcity
• demand

The resources required to make a product (good or service)

• economics
• consumption
• four factors of production
• scarcity