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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

The study of the consumption, production, and transfer of wealth

  • Study of how stuff is made and bought
Economics
producer

A person, company, or country that makes, grows, or supplies goods for sale

  • Someone who makes and sells stuff
  • Ex: Frito-Lay and Nike
Producer
supply

Stock of a certain item that can be provided to people that want it

  • Amount of a product that producers are willing and able to sell at a certain price
  • Ex: Nike is willing to make and sell 50,000 Air Nichols shoes for $150 each
Supply
demand

How much people want!

  • 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

Problem that arises because people have unlimited wants but their resources are limited

  • Not enough stuff!
  • Ex: Beanie Babies, Wiis on Black Friday, etc.
Scarcity
slide8

A physical item

  • 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

  • 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

  • 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

  • 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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