Unit 9 - Economics

Economy

• The things being exchanged in a transaction

• The study of economies

• A measurement of a society’s transactions and their impact on its people

• the exchange of goods and services with other goods and services OR money

Economics

• The things being exchanged in a transaction

• The study of economies

• A measurement of a society’s transactions and their impact on its people

• the exchange of goods and services with other goods and services OR money

Transaction

• The things being exchanged in a transaction

• The study of economies

• A measurement of a society’s transactions and their impact on its people

• the exchange of goods and services with other goods and services OR money

Goods & Services

• The things being exchanged in a transaction

• The study of economies

• A measurement of a society’s transactions and their impact on its people

• the exchange of goods and services with other goods and services OR money

Market

• the work done to produce goods and services

• form of currency used to make transactions for/in place of goods & services

• anywhere transactions take place

• the resources needed produce goods and services

Labor

• the work done to produce goods and services

• form of currency used to make transactions for/in place of goods & services

• anywhere transactions take place

• the resources needed produce goods and services

Means of Production

• the work done to produce goods and services

• form of currency used to make transactions for/in place of goods & services

• anywhere transactions take place

• the resources needed produce goods and services

Money

• the work done to produce goods and services

• form of currency used to make transactions for/in place of goods & services

• anywhere transactions take place

• the resources needed produce goods and services

Income

• economic system where means of production are publicly owned by all workers

• the money a person is compensated for their work

• the total market value of someone's money and property

• economic system where means of production are privately owned by businesses

Wealth

• economic system where means of production are publicly owned by all workers

• the money a person is compensated for their work

• the total market value of someone's money and property

• economic system where means of production are privately owned by businesses