Basic Economics Concepts

an extra supply, or more than needed.

• Deficit

• Surplus

• Scarcity

• Shortage

the study of how people choose to use limited resources to meet their needs and wants

• Economics

• Psychology

• Sociology

• Anthropology

actions that one person pays another to do for them. Services include things like medical care, teaching, firefighting, and baby-sitting.

• Goods

• Products

• Services

• Items

lack of resources or not enough supply

• Abundance

• Scarcity

• Surplus

• Excess

physical objects that are bought and sold. They include things like cars, food, and clothes

• Services

• Goods

• Products

• Items

the public that buys goods and services

• Producers

• Consumers

• Retailers

• Wholesalers

Goods are manufactured by turning raw materials/ resources into finished products

• Consumers

• Distributors

• Producers

• Retailers

things humans must have to survive such as food, water and shelter

• Wants

• Desires

• Needs

• Luxuries

products are then bought, sold, and traded

• Distributed

• Manufactured

• Advertised

• Consumed

things that help us enjoy life

• Needs

• Wants

• Obligations

• Responsibilities