Economics Basics

This occurs when you have limited resources

• Scarcity

• Producers

• Consumers

• Sectors

Consumers do this.

• Provide services

• Provide goods

• Pay for goods

• Save all of their money

Producers do this.

• Pay for goods

• Pay for services

• Make goods

• Sleep all day

How much people want something

• supply
• demand

Something we pay for that we can touch

• goods
• services

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

• economics
• consumption
• four factors of production
• scarcity

People who work to make goods or provide services

• human resources
• capital resources
• natural resources
• entrepreneurs

Something we use from nature

• natural resource
• human resource
• capital resource
• entrepreneur

Something we use

• resource
• scarcity
• demand
• supply

The amount of money we pay for a good or service

• currency
• price
• inflation
• economics