Economics

Economics is.....

• when people pay a good price for a good or service.

• the study of the human body and its functions.

• the science that studies how people decide to use the resources they have to satisfy their needs and wants.

• the study of how people sell items that they make.

In a ______________ economic system, the government owns resources and controls production, prices, and wages

• traditional

• market

• command

• mixed

What is a consumer?

• a person who takes things

• a person who purchases goods and services for personal use

• a person who takes good away

• the economic factors affecting the price, demand, and availability of a commodity

What is a producer?

• a person who gives goods away

• things people would like to have

• the exchanged of goods and services without the use of money

• a person, company, or country that makes grows, or supplies goods for sale

What is a free market economy?

• An economy based on supply and demand with little or no government control

• The international exchange of goods

• An economy in which decisions are made by the government

• An economy that is communist

If the supply of a good is higher than the demand, what happens to the price?

• stays the same

• price increases

• price decreases

Basic things humans need to survive

• want

• import

• need

Extras that make life more enjoyable

• need

• want

• savings

not being able to meet all wants at the same time

• demand

• supply

• scarcity

Actions that people do for others

• goods

• services

• supply