Economics
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Economics. Basic words and their basic definitions. The study of the consumption, production, and transfer of wealth Study of how stuff is made and bought. Economics. A person who purchases goods and services for personal use Someone who buys/uses stuff Ex: YOU! . Consumer.

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Economics

Economics

Basic words and their basic definitions


Economics1

Economics


Consumer

Consumer


Producer

Producer


Supply

Supply


Demand

  • How much people want! want it

  • Amount of a product that consumers are willing and able to buy at a certain price

  • Ex: The demand for Air Nichols shoes would be very low if they were sold for $150. Now, if they sold them for $15… sweet deal! High demand!

Demand


Scarcity

Scarcity


  • A physical item their resources are limited

  • People demand goods

    • Goods are scarce

    • Money used to buy goods are scarce

  • Ex: Cheetos, TVs, tennis shoes, headphones, bananas, nutcrackers, etc.

Good


Service

  • Actions people perform their resources are limited

  • People demand services

    • Services are scarce

    • Money used to buy services are scarce

  • Ex: haircuts, Spanish lessons, advice from your lawyer, etc.

Service


Resource

  • Natural item, man-made item, or service used to produce goods and services

  • Things used to make other stuff

  • Human Resources: Ms. Braverman’s awesome idea for a click-shoe, the 8 hours you put into your job last week, smart workers willing to work hard!

  • Natural Resource: iron, water, trees, oil, etc.

  • Capital Resource: hammers, saws, looms, other things I don’t know the names of…

Resource


Entrepreneur

  • Someone who starts a business for economic gain goods and services

  • Takes a risk starting the business but might have great reward if it’s successful

  • Ex: Cousin Jeff started a video game trading store… didn’t work out.

  • Ex: Steve Jobs helped start a computer company… REALLY worked out!

Entrepreneur


Opportunity cost

  • What you give up when you choose something else goods and services

  • Since your money and time are limited, you always give up something when you choose something else

  • Ex: You stay up late studying for Government class. Opportunity cost: 2 hours of precious, precious sleep

  • Ex: You only have $5 and can get nachos or popcorn. You choose nachos. Opportunity cost: popcorn

Opportunity Cost


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