Basic Economics Concepts

Front

the study of how people choose to use limited resources to meet their needs and wants

Back

Economics

Front

things humans must have to survive such as food, water and shelter

Back

Needs

Front

things that help us enjoy life

Back

Wants

Front

physical objects that are bought and sold. They include things like cars, food, and clothes

Back

Goods

Front

actions that one person pays another to do for them. Services include things like medical care, teaching, firefighting, and baby-sitting.

Back

Services

Front

Goods are manufactured by turning raw materials/ resources into finished products

Back

Producers

Front

products are then bought, sold, and traded

Back

Distributed

Front

the public that buys goods and services

Back

Consumers

Front

lack of resources or not enough supply

Back

Scarcity

Front

an extra supply, or more than needed.

Back

Surplus