Economics Intro Vocab

What is economics?

• The study of money flow in an economy

• The study of people and their choices

• The study of supply and demand

• The study of consumers and producers

Supply would be defined as...

• The specific amount of product you need to start a business

• The amount of money you made after selling a product

• The specific amount of a good or service that is available to consumers

• The stuff you need in order buy... stuff

Demand would be defined as...

• Consumer's need to have a good or service

• when a consumer really wants something

• Consumer’s desire and willingness to pay a price for a specific good or service

• Consumer's buying habits in a market economy

A consumer would be best defined as...

• A person who purchases good and services for personal use

• A business that consumes other businesses

• A business or person who creates a product to sell

• A person who purchases goods in order to resell them.

A producer would best be described by...

• A person, business or country that consumes products others sell

• A business that creates everything

• A person, business or country that contributes to the economy

• A person, business or country that creates goods or services for sale

When their is a limited amount of resources available

• Supply

• Command Economy

• Opportunity Cost

• Scarcity

This is the idea that consumers will want or need what they are offering- the thing that motivates them.

• Innovation

• Competition

• Incentive

• Demand

The benefit you give up by choosing to do one thing instead of another

• Opportunity Cost

• Profit

• Scarcity

• Producers