Economics

Economics is the study of the making, buying, and selling of ______________ or ________________. 

• Economics is the study of the making, buying, and selling of goods or services.
• Economics is the study of the making, buying, and selling of products and reselling for higher prices.
• Economics is the study of the making, buying, and selling of crops to community markets.
• Economics is the study of the making, buying, and selling.

These days people usually use money to get what they want.  Before there was money, people had to barter, or ______________ to get what they wanted.

• These days people usually use money to get what they want.  Before there was money, people had to barter, or stole to get what they wanted.
• These days people usually use money to get what they want.  Before there was money, people had to barter, or traded to get what they wanted.
• These days people usually use money to get what they want.  Before there was money, people had to barter, or  hunt to get what they wanted.
• These days people usually use money to get what they want.  Before there was money, people had to barter, or decide not to get what they wanted.

A service is any kind of _________________________

• A service is any kind of product made by others.
• A service is any kind of connection to the world.
• A service is any kind of work performed  for others.
• A service is any kind of product sold others.

A  good is something you can ___________, or any kind of _________________ 

• A  good is something you can feel, or any kind of merchandise.
• A  good is something you can eat, or any kind of food.
• A  good is something you can feel, or any kind of service.
• A  good is something you can feel or anything good to use.

What is supply?_________________________________________

• Supply is the amount of a particular economic good or service that a consumer or group of consumers will want to purchase at a given price.
• A supply is the price of a resource.
•  Supply is a product.
• A supply is the amount or availability of a resource.

What is demand?________________________________________

• The amount of a particular economic good or service that a consumer uses
• The amount of a particular economic good or service that a consumer or group of consumers will want to purchase at a given price.
• The amount a producer supplies.
• The price of a good or service at a particular time.

What is Scarcity? _______________________________________

• People must make choices.
• Scarcity means that there are unlimited resources, and therefore, people don't have to make decisions.
• Scarcity means that there are limited resources, and therefore, people must make choices.
• Scarcity means that there is a surplus of resources, and therefore, people have more than enough resources.

A ___________________is anyone who buys a good or a service

• consumer
• seller
• producer

A producer is anyone who makes or _______________________.

•  steals a good or performs a service.
• thinks of a good or performs a service.
• grows a good or performs a service

How does the illustration below demonstrate opportunity cost?

• Student must decide whether to study or to watch some T.V. during free time. Studying will benefit her. Whereas, watching TV will cause her to earn a bad grade. She has decide which she will do.
• Opportunity cost is the process of choosing one good or service over another.  
• The item that you don’t pick is the opportunity cost.