ABCS of ECONOMY

1
ABCS of ECONOMY

• YOUR ECONOMIC DICTIONARY

2
ECONOMICS

• the way that people use goods and resources to
  meet their needs and wants
• If you go to the store to buy something you are
  using economics
• We use economics everyday.

3
SCARCITY

• AN INADEQUATE SUPPLY / NOT ENOUGH
• IF YOU GOT O THE STORE AND DO NOT HAVE ENOUGH
  MONEY TO BUY SOMETHING YOU HAVE A SCARCITY OF
  FUNDS
• I have a scarcity of funds so I can not get what
  I want

4
GOODS

• ITEMS FOR SALE
• When you go to the grocery store the items that
  you buy are considered goods
• The goods were in the bag.

5
CHOICES/ DECISIONS

• THE COURSE OF ACTION ARRIVED AT
• The decisions or choices you make today will
  always affect you in the future
• The choices you make will affect you everyday.

6
TIME (as a resource)

• A limited period of an activity
• You only have a short time to write these
  definitions down if you waste TIME you can not
  get it back it is an unlimited resource that is
  limited
• You have very little time remaining to do this.

7
NATURAL RESOURCE

• the natural wealth of a country, consisting of
  land, forests, mineral deposits, water, etc
• Natural resources are resources that are NOT MADE
  BY MAN
• The park has a lot of natural resources.

8
INVESTMENT

• the investing of money or capital in order to
  gain profitable returns, as interest, income, or
  appreciation in value
• IF you give money to a company to start then you
  should get more money back in a years time this
  is a good investment

9
HUMAN RESOURCES

• people, esp. the personnel employed by a given
  company, institution, or the like
• The teachers at this school are an example of
  human resources

10
GOVERNEMNT SERVICES

• the form or system of rule by which a state,
  community, etc., is governed and offered to the
  people free of charge
• Food stamps / post office/ health centers are all
  types of services ran by the government for the
  people

11
CAPITAL RESOURCES

• Items which are used repeatedly, such as
  machinery, buildings and equipment
• This school is an example of a capital resource

12
BARTERING

• trading by exchange of goods rather than by the
  use of money
• When you have a deck of Yu Gi Oh cards and you
  trade with them for a Snickers bar this is an
  example of bartering

13
PRODUCERS

• a person who creates economic value, or produces
  goods and services
• The Nike Corporation is an example of a producer.
  They produce a good known as tennis shoes
• The producer of XBOX 360 is going to make a lot
  of money this year.

14
CONSUMERS

• a person or organization that uses a commodity or
  service
• If you buy something or use something then you
  are a consumer
• Stores say consumers will spend less this Holiday
  season.

15
INTERDEPENDENT

• DEPENDING ON EACH OTHER
• We have oil refineries off the shore of
  Louisiana. Many states depend on that oil for
  utilities. They in turn give us what we may be
  lacking like coal or other fuels
• Louisiana and the rest of the US are
  interdependent.

16
MARKET

• A meeting of people for selling or buying
• When you go somewhere to conduct an exchange of
  goods or services for money or other goods it is
  called a market.
• People go to a market to get what they need

17
WANTS

• Something desired demanded or required
• Wants or something we do not HAVE TO HAVE in
  order to survive
• I want a XBOX 360 for Christmas.

18
NEEDS

• A lack of something necessary, a requirement.
• NEEDS are something that you MUST HAVE in order
  to survive, food, water, shelter, clothes are
  examples of needs
• I need a new pair of shoes these are torn