Economic Terms

What is economics?

• The study of how to consume goods

• The study of who gets what

• The study of how to distribute goods

• The study of how to produce goods

What does it mean to produce?

• To consume

• To make

• To specialize

• To distribute

What does it mean to distribute?

• To deliver

• To produce

• To specialize

• To consume

What does it mean to consume?

• To specialize

• To distribute

• To produce

• To use

What are goods?

• How much consumers want something

• How much there is of something

• Actions to meet a need

• Things

What are services?

• Things

• How much there is of something

• Actions to meet a need

• How much consumers want something

What does supply refer to?

• Not enough of something

• How much consumers want something

• How much there is of something

• Too much of something

What does demand refer to?

• Not enough of something

• How much consumers want something

• How much there is of something

• Too much of something

What does surplus mean?

• How much there is of something

• Not enough of something

• Too much of something

• How much consumers want something

What does scarcity mean?

• How much consumers want something

• How much there is of something

• Too much of something

• Not enough of something