Economics choices Module 1 and 2

The study of how people and societies make decisions given the resources that they have

• scarcity

• economics

• services

• resources

Things that you use, buy, or sell

• goods

• services

• resources

• income

The concept that we have unlimited wants but limited resources, so choices need to be made about how to use resources more effectively

• economics

• goods

• services

• scarcity

Work done by someone for someone else

• goods

• services

• producers

• consumers

People who make something or provide a service.

• producers

• consumers

• buyers

• sellers

People who buy or use goods and services

• income

• producers

• consumers

• services

Things that are used to produce goods and services

• income

• producers

• resources

• consumers

Money that is earned by working

• income

• consumers

• producers

• resources

the place where goods and services are exchanged

• consumer

• producer

• buyer

• market

trade, such as trading goods and services for other goods and services or money

• natural resource

• buyer

• exchange

• market economy