Economic Basics

____________ are the products made in an economy. 

• Goods
• Services
• Consumption

______________________ are provided to you by a company. 

• Consumption
• Goods
• Services

____________________ is the amount of a good that a company has. 

• Supply
• Demand
• Good

__________________ is the willingness and desire of a peson to buy a good. 

• Supply
• Service
• Demand

If the supply decreases and the demand increases then the price will ___________________. 

• Decrease
• Increase
• Stay the same

If the supply increases, but the demand decreases, then the price will _______________. 

• Decrease
• Increase
• Stay the same 

Natural resources are

• something found in nature that satisfies our wants and needs (like a tree cut down for timber)

• the amount of goods and services people are willing to buy at a specific time

• the work that people do in nature

• making goods or service

Human Resources are

• makes goods or service

• the amount of goods and services people are willing to buy at a specific time

• found in people, like their skills and ideas

• the work that people do when producing goods or services

Labor is

• the work that people do when producing goods or services

• just like supply and demand

• the amount of goods or services available to sell at a given time

• the amount of goods and services people are willing to buy at a specific time

What is the driving force of economics?

• Scarcity

• Money

• Trade Offs

• Economic Systems