Introduction to Economics

Tangible things that people buy are called

• services

• supply

• goods

• costs

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

A farmer is an example of what type of resource?

• Natural

• Human

• Capital

Basic things humans need to survive

• want

• import

• needs

Extras that make life more enjoyable

• need

• want

• savings

Not enough of something

• demand

• supply

• scarcity

• surplus

Actions that people do for others

• goods

• services

• supply

What does a baby sitter provide ?

• good

• service

What does a coach provide?

• good

• service