Basic Economics Class!

The Basic Questions All Economic Systems Address

• What is produced?

• For whom?

• How many?

• How are goods produced?

What is Capital Resources and Capital goods?

• Risking economic failure in return for economic gain

• buildings, machinery and tools used in the production process. Examples: computers, hammers, factories

•  anything that people use to make or obtain what they            need or want

• manufactured materials used to create products including capital goods and money

_________ are things that incite or change economic behavior.

• Money

• Incentive

• Love

• Good grades

Consumers

• people who make things that satisfy consumers’ needs and wants

•  people who buy and use products

• people who are eat alot of food

• you and me

Producers

• people who buy and use products

• people who make things that satisfy consumers’ needs and wants

• Plants

• Make music

What are basic NEEDs?

• Food

• Clothing

• Disney Plus

• Pokemon

_________ is selecting an item or action from a set of alternatives.

What are basic WANTS?

• IPad

• Cell Phone

• TV

• Shelter

What are Goods?

• Something that makes you happy

• Nothing bad

• physical objects that can be purchased

• product

What is service?

• Physical objects that can be purchased

• at a restaurant

• product

• actions performed for a fee