Economics Basics

The amount of a product or resource that the producer is willing and able to make.

• Demand

• Supply

• Cost

• Price

Buying or using goods and services.

• Production

• Consumption

• Distribution

• Investment

Resources are limited compared to people's wants and needs. Because of this, we must make choices on how to use what we have.

• Scarcity

• Abundance

• Surplus

• Wealth

Businesses controlled by the government.

• Private sector

• Public sector

• Non-profit sector

• Cooperative sector

A system that allows the exchange of goods and services for something of value.

• Economy

• Market

• Barter

• Trade

Those who produce or make goods and services.

• Consumers

• Distributors

• Producers

• Retailers

Consumers determine through their purchases what will and will not be sold in an economy.

• Consumer Sovereignty

• Market Control

• Supply Chain Management

• Economic Regulation

An economy where some things are controlled by government and others are controlled by consumers.

• Mixed Economy

• Capitalist Economy

• Socialist Economy

• Traditional Economy

The land and anything produced on it.

• Natural resources/Land

• Manufactured goods

• Financial assets

• Human resources

Businesses controlled by people.

• Public sector

• Private sector

• Non-profit sector

• Cooperative sector