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Economics

Published on Nov 18, 2015

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PRESENTATION OUTLINE

1.

ECONOMY

A SYSTEM IN WHICH PEOPLE GET THE THINGS THEY WANT AND NEED
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2.

NEEDS

THINGS YOU MUST HAVE TO SURVIVE
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3.

WANT

THINGS YOU DESIRE BUT DON'T NEED
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4.

BUDGET

AMOUNT OF MONEY SOMEONE HAS TO SPEND OVER A PERIOD OF TIME
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5.

TRADE

PEOPLE AND NATIONS EXCHANGING GOODS TO SURVIVE
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6.

GOODS

THINGS PEOPLE USE OR NEED
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7.

SERVICES

DOING A JOB FOR OTHER PEOPLE
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8.

PRODUCERS

PEOPLE WHO CREATE GOODS AND OR PROVIDE SERVICES
Photo by Hindrik S
9.

CONSUMERS

PEOPLE WHO PRUCHASE OR USE GOODS AND SERVICES
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10.

SUPPLY

THE AMOUNT OF GOODS SOMEONE HAD IN STOCK
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11.

DEMAND

AMOUNT OF GOODS SOMEONE WANTS TO BUY
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12.

PROFIT

AMOUNT OF MONEY SOMEONE MAKES FOR THEIR JOB
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13.

SCARCITY

LIMITED AMOUNT OF A GOOD
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14.

INTERDEPENDENCE

TWO OR MORE THINGS THAT DEPEND ON EACH OTHER TO SURVIVE
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Kamryn Merritt