Introduction to Economics

Front

Economics

Back

Economics studies the production, distribution, and consumption of goods and services.

Front

Focus of Economics

Back

Economics focuses on the behavior of buyers and sellers in a market.

Front

You have to make a choice!

Back

Wants are unlimited, but the resources available to satisfy them are limited.

Front

Scarcity

Back

The phenomenon that exists when there are not enough resources to satisfy human wants.

Front

Who determines prices?

Back

The Law of Supply

Front

The Law of Supply

Back

The amount of goods or services a business is willing to make

Front

Business strategy for making goods

Back

Businesses will try to make them the most money

Front

The Law of Demand

Back

The amount of goods or services customers will buy.

Front

Customer Desire

Back

Customers want free stuff.

Front

Demand Curve

Back

The demand curve typically slopes downward, indicating that as price decreases, quantity demanded increases.