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Economics

Economics. Basic words and their basic definitions. The study of the consumption, production, and transfer of wealth Study of how stuff is made and bought. Economics. A person who purchases goods and services for personal use Someone who buys/uses stuff Ex: YOU! . Consumer.

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Economics

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  1. Economics Basic words and their basic definitions

  2. The study of the consumption, production, and transfer of wealth • Study of how stuff is made and bought Economics

  3. A person who purchases goods and services for personal use • Someone who buys/uses stuff • Ex: YOU! Consumer

  4. A person, company, or country that makes, grows, or supplies goods for sale • Someone who makes and sells stuff • Ex: Frito-Lay and Nike Producer

  5. Stock of a certain item that can be provided to people that want it • Amount of a product that producers are willing and able to sell at a certain price • Ex: Nike is willing to make and sell 50,000 Air Nichols shoes for $150 each Supply

  6. How much people want! • Amount of a product that consumers are willing and able to buy at a certain price • Ex: The demand for Air Nichols shoes would be very low if they were sold for $150. Now, if they sold them for $15… sweet deal! High demand! Demand

  7. Problem that arises because people have unlimited wants but their resources are limited • Not enough stuff! • Ex: Beanie Babies, Wiis on Black Friday, etc. Scarcity

  8. A physical item • People demand goods • Goods are scarce • Money used to buy goods are scarce • Ex: Cheetos, TVs, tennis shoes, headphones, bananas, nutcrackers, etc. Good

  9. Actions people perform • People demand services • Services are scarce • Money used to buy services are scarce • Ex: haircuts, Spanish lessons, advice from your lawyer, etc. Service

  10. Natural item, man-made item, or service used to produce goods and services • Things used to make other stuff • Human Resources: Ms. Braverman’s awesome idea for a click-shoe, the 8 hours you put into your job last week, smart workers willing to work hard! • Natural Resource: iron, water, trees, oil, etc. • Capital Resource: hammers, saws, looms, other things I don’t know the names of… Resource

  11. Someone who starts a business for economic gain • Takes a risk starting the business but might have great reward if it’s successful • Ex: Cousin Jeff started a video game trading store… didn’t work out. • Ex: Steve Jobs helped start a computer company… REALLY worked out! Entrepreneur

  12. What you give up when you choose something else • Since your money and time are limited, you always give up something when you choose something else • Ex: You stay up late studying for Government class. Opportunity cost: 2 hours of precious, precious sleep • Ex: You only have $5 and can get nachos or popcorn. You choose nachos. Opportunity cost: popcorn Opportunity Cost

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