Social Studies M 1_Economics

He is known as the father of Economics.

• William Smith

• Adam Smith

• Adam Edison

• Thomas Edison

The subject that studies the allocation of limited sources to satisfy the unlimited demand of mankind in the most beneficial way.

• Economics

• Economic

• Macro-Economics

• Micro-Economics

The book written by Adam Smith.

• Health is Wealth

• The Wealth Man

• The Economy

• The Wealth of the Nation

A principle referring to a consumer’s desire to buy goods and services and willingness to pay a price

• supply

• purchase

• demand

• order

A study in economics that deals with the decisions made by individual and business concerning the distribution of resources and prices of goods and services.

• Mini-economics

• Macroeconomics

• Microeconomics

• Economist

A study in economics that deals with the behavior of not only a particular company or industries but whole economy.

• macroeconomics

• microeconomics

• mini-economics

• Economist

These are the raw materials, workers, equipment and organizers to produce scarce goods

• scarce goods

• scarcity

• demand

• scarce resources

These are those goods which the demand would be greater than the supply.

• demand

• scarce goods

• scarce resources

• scarcity

The “stuff” we must have to survive, generally: food, shelter, clothing

• wants

• demand

• needs

• orders

The “stuff” we would really like to have (Fancy food, shelter, clothing, big screen TVs, jewelry, conveniences

• needs

• supply

• demand

• wants