ECONOMICS BASICS
This is the study of how people satisfy their needs and wants by making choices because resources are limited.
What is economics?
Water, trees, and minerals are examples of this type of resource
What are natural resources?
This refers to how much of something is available.
What is supply?
This is used to buy goods and services and makes trade easier than bartering.
What is money?
These are physical objects that people can purchase, such as computers, sneakers, and cars.
What are goods?
Economics is really about making these.
What are choices?
Teachers, doctors, and builders represent this type of resource.
What are human resources?
This refers to how much people want something.
What is demand?
This is a plan for how to spend money.
What is a budget?
Teaching, cleaning, and fixing cars are examples of these.
What are services?
These are goods or services necessary for survival, such as food, water, and shelter.
What are needs?
Machines, buildings, and tools are examples of this type of resource.
What are capital resources?
When supply is high and demand is low, these generally go down.
What are prices?
Keeping money aside for future use is called this.
What is saving?
These are people or businesses that make goods or provide services.
What are producers?
These are things we desire or wish for but do not need to survive.
What are wants?
A person's knowledge, skills, attitudes, and abilities determine their value as this type of resource.
What is a human resource?
When demand is high and supply is low, these generally go up.
What are prices?
Using money to buy something that may bring more money in the future, such as stocks or real estate, is called this.
What is investing?
These are people who buy and use goods and services.
What are consumers?
The economic problem that forces people to make choices because resources are limited is known as this.
What is scarcity?
These three categories include everything from land and labor to tools and machines used to make goods and services.
What are natural, human, and capital resources?
This is a place, physical or online, where buyers and sellers meet to exchange goods and services.
What is a market?
Trading goods and services directly instead of using money is called this.
What is bartering?
This branch of economics studies the economy as a whole and includes topics such as inflation and unemployment.
What is macroeconomics