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ECONOMIC TERMINOLOGIES

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ECONOMIC TERMINOLOGIES. CIVICS CE.11A Mrs. Kozlik. SCARCITY. SCARCITY IS THE INABILITY TO SATISFY ALL THE WANTS AT THE SAME TIME. ALL RESOURCES AND GOODS ARE LIMITED. THIS REQUIRES THAT CHOICES BE MADE. RESOURCES. FACTORS OF PRODUCTION THAT ARE USED IN THE PRODUCTION OF GOODS AND SERVICES

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Presentation Transcript
economic terminologies
ECONOMIC TERMINOLOGIES
  • CIVICS
  • CE.11A
  • Mrs. Kozlik
scarcity
SCARCITY
  • SCARCITY IS THE INABILITY TO SATISFY ALL THE WANTS AT THE SAME TIME.
  • ALL RESOURCES AND GOODS ARE LIMITED.
  • THIS REQUIRES THAT CHOICES BE MADE.
resources
RESOURCES
  • FACTORS OF PRODUCTION THAT ARE USED IN THE PRODUCTION OF GOODS AND SERVICES
  • TYPES OF RESOURCES INCLUDE NATURAL, HUMAN, CAPITAL, AND ENTREPRENEURSHIP
choice
CHOICE
  • SELECTING AN ITEM OR ACTIONS FROM A SET OF POSSIBLE ALTERNATIVES
  • INDIVIDUALS MUST CHOOSE/MAKE DECISIONS ABOUT DESIRED GOODS AND SERVICES BECAUSE THE GOODS AND SERVICES ARE LIMITED
opportunity cost
OPPORTUNITY COST
  • IS WHAT IS GIVEN UP WHEN A CHOICE IS MADE. THE HIGHEST VALUED ALTERNATIVE
  • INDIVIDUALS MUST CONSIDER WHAT IS GIVEN UP WHEN MAKING A CHOICE.
price
PRICE
  • PRICE IS THE AMOUNT OF MONEY EXCHANGED FOR A GOOD OR SERVICE.
  • PRICE DETERMINES WHO ACQUIRES GOODS AND SERVICES.
incentives
INCENTIVES
  • THINGS THAT INCITE OR MOTIVATE US.
  • INCENTIVES ARE USED TO CHANGE ECONOMIC BEHAVIOR.
  • EXS: SALES
  • EXS: INTEREST RATES
supply demand
The amount of a good or service that producers are willing and able to sell at a certain price

The amount of a good or service that consumers are willing and able to buy at a certain price

SUPPLY DEMAND
review supply and demand
REVIEW SUPPLY AND DEMAND:
  • INTERACTION OF SUPPLY & DEMAND DETERMINES THE PRICE
  • IF THE SUPPLY (AMOUNT) OF A GOOD OR SERVICE IS HIGH AND THE DEMAND (WANT) IS LOW, PRICES WILL DROP
  • IF THE SUPPLY (AMOUNT) OF A GOOD OR SERVICE IS LOW AND THE DEMAND (WANT) IS HIGH, THEN PRICES WILL RISE
production
PRODUCTION
  • COMBINING OF HUMAN, NATURAL, CAPITAL, AND ENTREPENEURSHIP RESOURCES TO MAKE GOODS OR PROVIDE SERVICES
  • RESOURCES AVAILABLE AND CONSUMER PREFERENCES DETERMINE WHAT IS PRODUCED
consumption
CONSUMPTION
  • CONSUMPTION IS USING GOODS AND SERVICES. CONSUMER PREFERENCES AND PRICE DETERMINE WHAT IS BOUGHT.
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