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Unit 7a: Economics

Unit 7a: Economics. Vocabulary. How do YOU define economics?. The study of the production, distribution and the consumption of goods and services. The study of making decisions. GOODS. Anything that can be grown or manufactured. SUPPLY. The degree of availability of an item. Producer.

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Unit 7a: Economics

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  1. Unit 7a: Economics Vocabulary

  2. How do YOU define economics?

  3. The study of the production, distribution and the consumption of goods and services

  4. The study of making decisions.

  5. GOODS

  6. Anything that can be grown or manufactured

  7. SUPPLY

  8. The degree of availability of an item

  9. Producer

  10. Someone who creates or manufactures a good or service through physical or mental effort

  11. Services

  12. Something that a person does for someone else in exchange for money or value

  13. Consumer

  14. A person who buys a good or service

  15. Limited Resources

  16. Items that are scarce in nature and cannot be renewed

  17. Economics

  18. Unlimited Resources

  19. Materials that are endless and/or can be renewed

  20. Demand

  21. The amount of a good or service that consumers are willing and able to buy

  22. Scarcity

  23. A limited supply of resources in comparison to unlimited wants and needs

  24. Market Price

  25. The price that satisfies both producers for profit and consumers for value

  26. Opportunity Cost

  27. What you give up in order to get something

  28. Exercise Caitlin wants to purchase an ice cream cone that costs $3 and a smoothie that costs $4. However, she only has $5. Scarcity: Opportunity Cost of Buying the ice cream:

  29. Pierre wants to be involved in both the band and the choir but both of the rehearsals meet at 4 pm. Scarcity: Opportunity Cost of being in band:

  30. Robert has three cupcakes and wants to eat one and he wants to share with his friends. There are three friends sitting with him at his lunch table. Robert has three cupcakes and wants to eat one and he wants to share with his friends. There are three friends sitting with him at his lunch table. Scarcity: Opportunity cost of sharing his cupcakes:

  31. Emily is planting a garden. She wants to plant arugula and beets but only has room for one. Emily is planting a garden. She wants to plant arugula and beets but only has room for one. Scarcity: Opportunity cost of planting arugula:

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