Economics

Economics is

• Products that you purchase
• Earnings from work or investment
• The study of how goods and services are produced

Goods are

• Actions or activities that one person performs for another usually for a fee
• Income not spent
• Products that you purchase. Things you can use, things you eat, and that supply your needs and wants

3 examples of Goods are

• getting a haircut
• furniture
• clothing
• candy
• seeing a doctor

Services are

• Earnings from work or investment
• Actions or activities that one person performs for another usually for a fee
• When a business's expenses are more than it makes

Examples of Services are (check all that apply)

• seeing a Doctor
• buying a t-shirt
• Getting a haircut from a Hair Stylist
• Being protected by the Police
• buying a toy

Income is

• Earnings from work or investments
• something like air, food, shelter that is needed for survival
• a person who assumes financial risk in the hope of making a profit

Savings is

• an item that we desire but that is not essential to survival
• a study of how goods and services are produced and distributed
• Income not spent

A need is

• people who work to produce goods and services
• goods produced and used to make other goods and services
• something like, air, food, or shelter that is necessary for survival

Choose 2 examples of a need

• toys
• food
• games
• water

A want is

• an item we desire but that is not essential to survival
• something like, air, food, or shelter that is necessary for survival
• a study of how goods and services are produced and distributed