A
The study of scarcity and choice
Economics
Physical objects that are produced such as radios, chocolate chips, and magazine
Goods
When we are eating our food that we bought or getting our AC or Car fixed, we are _____________________________________.
Consumers
What has really changed how we get information and buy goods and services.
Technology
Name 3 ways we get goods and services from the factories to the stores.
Trains, planes, boats, cars
Burger King, Taco Bell, Wendys, McDonalds are all __________________________ in an economy.
Competing
This is when the factory makes and creates our goods and servics.
Production
When employees make money, they then can spend it in the ________________________.
Market or marketplace
These are actions that are performed for someone like fixing your car or AC
Services
Give an example of how Technology has changed the economy.
Amazon
Grocery Purchases
Name 3 roles that you play right now today
Classmate, friend, student, brother, sister, cousin, etc.
Whenever we buy a good or service, we are participating in what part of the process.
Consumption
Economics is a social _____________________ that examines how individuals, businesses, governments, and societies make decisions.
Science
Technolgy has really increased ________________________ buying.
Impulse
This is the process of bringing the good from the factories to the stores.
Distribution
When we are consumers, we pay for two things. We purchase things to eat and we bring people to fix our AC or Car.
G and S
Goods and Services
When businesses make money, they can then ___________________________________________.
Pay their employees
All of the goods and services available to people and for sale
Marketplace
Technology has put information at our ________________. We buy things by pulling our ______________________ from our pocket.
Fingertips
Phone
When consumers buy products, businesses make _________________.
Name the 3 Economic Roles
Consumer, Worker, Citizen
Resources are limited, forcing choices.
There are only so many loaves of bread, and we all want a loaf of bread.
Scarcity
Name the two branches of Economics
Microeconomics and Macroeconomics
What are the 3 ways goods and services are created, reach customers, and how they are used.
Production, Distribution, and Consumption
Name the 3 economic steps of the Economic Life Cycle
Earning, Spending, and managing money