Introduction to Economics

The making, buying, and selling of goods and services

• Economics

• Demand

• Entrepreneurship

• Goods

A physical product that someone will buy; produced

• Demand

• Service

• Good

• Supply

An activity or task that someone pays for; performed

• Goods

• Supply

• Demand

• Services

Which is not an example of a good?

• Clothes

• Phones

• Food

• Entertainment

Which is an example of a service?

• Haircut

• Phone

• Paper

• Food

A theory that explains the interaction between the sellers of a resource and the buyers for that resource

• Economics

• Economic Systems

• Supply and Demand

• Wants and Needs

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

• Supply

• Demand

• Good

• Service

A consumer's desire to purchase goods or services and willingness to pay a price for a specific good or service

• Service

• Good

• Supply

• Demand

People want more than what is available; limited resources

• Limitations

• Scarcity

• Demand

• Supply

A system of money in general use in a particular country

• Currency

• Value

• Inflation

• Bills