Understanding Our Economy

economy

• a place where buyers and sellers come together

• the system in which goods and services are bought and sold

• tasks you pay someone to do for you

market

• items that can be bought, sold, or traded

• system in which goods and services are bought and sold

• a place where buyers and sellers come together

goods

• items that can be bought, sold, or traded

• people must make choices because people want more than they can have

• tasks you pay someone to do for you

Examples of goods

• milk

• paying someone to fix your car

• t-shirts

• cotton candy

Examples of services

• paying someone to cut your hair

• paying a plumber to fix your sink

• sink

• cups

scarcity

• people must make choices because people want more things than they can actually have

• items that can be bought or sold

• place where buyers and sellers come together

Why would something be called a market?

• it is outside

• it has fruit

• it brings buyers and sellers together

• just because

What does a market need to be part of the economy?

• dogs

• businesses

• schools

• students

If you buy something and take it home, it is a

• good

• service

• dog

If you pay someone to clean your house, you are paying someone to do a

• economy

• good

• service