Economics Basics

The making, buying and selling of goods and services

• economics

• inflation

• market

• barter

Trading something for something else - no currency involved

• demand

• barter

• goods

• market

A person who buys goods and services

• consumer

• entrepreneur

• resource

• currency

The using up of a resource

• scarcity

• supply

• services

• consumption

The study of how people use resources to fulfill unlimited needs and wants is

Economics can be described as the study of

• Only Food and Money

• The Choices We Make

• Graphing

• Price ceilings and Price floors

How much people want something

• supply

• demand

A general increase in prices

• price

• inflation

• scarcity

• demand

The place where goods and services are exchanged

• barter

• currency

• market

• resource

The idea that resources are limited; we don't have an unlimited supply of what we want

• scarcity

• supply

• demand

• inflation