Economics

The Study of how people’s needs are taken care of by their efforts to earn a living.

• Economics

• The Law of Supply and Demand

• Oh Hey Alice. You should study with Unique!

• Sociology

   The money left over in a business after ALL expenses are considered

• Demand

• Supply

• Profit

• Expenses

Goods or Services offered for use or sale

• Manufacturing

• Supply

• Demand

• Cost

Desire to own or use a product or service

• Demand

• Supply

• Surplus

• Shortage

Items that are scarce tend to be more costly, items that are plentiful tend to be less expensive.

• Supply

• Demand

• Interest rates

• Law of Supply and Demand

  All of the buyers and sellers during a certain period of time

• Economics

• The Market

• Inflation

• Opportunity Cost

The ability to own, operate, and profit from ones own business.

• Competitive Market

• Monopoly

• Free Enterprise

• Law of Supply and Demand

Several sellers of similar products.

• Monopoly

• Competitive Market

• Factors of Production

• Barter

One seller of a product.  Terrible for consumers, and illegal in the U.S.

• Chutes and Ladders

• Candyland

• Monopoly

• Sorry

Economic System where the people determine the market based on the law of supply and demand

• Capitalism

• Communism

• Socialism

• Traditional Economy