Economics Introduction

Front

What is the economy?

Back

A system that allows everyone to get the resources they need.

Front

What is a "want"?

Back

A resource that would be nice to have

Front

What is a "need"?

Back

A resource that you need to survive.

Front

Is fresh air an example of a want or a need?

Back

Need

Front

Is a cell phone an example of a want or a need?

Back

Want

Front

What is a "good"?

Back

A material resource (something you can touch) that can be consumed or used

Front

What is a service?

Back

Actions done for someone else (teachers, doctors, etc.)

Front

Is an orange an example of a good or a service?

Back

Good

Front

Is the education provided by your teachers an example of a good or a service?

Back

Service

Front

Which of these best describes a good? A nonmaterial action someone does for you, Something you can touch and buy, A way to get resources, A person who sells products

Back

Something you can touch and buy