What is Economics
The study of how people, when faced with scarcity, make rational self-interest choices in using limited resources to satisfy wants and needs
What is Economics
Medium of exchange, unit of accounting, store of value
What is functions of money
Made up of many buyers and sellers, where no one buyer or seller has control over the price
The problem of having limited resources with unlimited wants and neeeds
What is scarcity
What is bartering
This seller has complete control over the supply and the price of the product
What is monopoly
Sensible choices based on what is best for them
Rational Self-Interest
Middle ground between pure competition and monopolies
What is Oligopoly
When you save money for future spending
What is store of value
A place where people exchange products
What is a market