INTRODUCTION TO THE ECONOMY

1
INTRODUCTION TO THE ECONOMY
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ECONOMY

• A system for producing, distributing, and
  consuming goods and services.

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CONSUMER

• AN INDIVIDUAL WHO USES GOODS AND SERVICES
• A COMPANY OR BUSINESS THAT USES GOODS OR SERVICES

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GOODS

• PHYSICAL OBJECTS OF VALUE THAT ARE ACQUIRED BY
  INDIVIDUALS, COMPANIES, OR BUSINESSES.

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GOODS

• EXAMPLES
• SHOES, NEWSPRINT FOR PUBLISHING COMPANIES,
  STEEL FOR BUSINESSES THAT REPAIR BRIDGES

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PRODUCER

• INDIVIDUALS, COMPANIES, OR BUSINESSES THAT MAKE
  GOODS AND PROVIDE SERVICES FOR CONSUMERS

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SERVICES

• ACTIONS OR ACTIVITIES AN INDIVIDUAL, COMPANY, OR
  BUSINESS PROVIDES FOR SOMEONE ELSE.

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Services

• Examples
• 1. Postal Delivery
• 2. A telecommunications company
• 3. Automobile repair business
• 4. Barber shop
• 5. Nail Salon

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DISTRIBUTION

• MOVING GOODS AND SERVICES DIRECTLY TO OR NEAR THE
  CONSUMER