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    Sol 3.7 - Sol 3.8 - Sol 3.9 - Sol 3.10

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    Judz Sawadjaan
    This document defines key economic concepts and terms: Exchange is trading one thing for another, like trading a green dress for a blue one. Barter is exchanging goods or services without money, such as giving a case for ice cream. Supply is how much of a good or service is available, while demand is what people are willing and able to buy. Scarcity means there is not enough of something to go around, so an item is scarce. Producers make goods or provide services, while consumers use or buy goods and services.

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    Sol 3.7 - Sol 3.8 - Sol 3.9 - Sol 3.10

    Uploaded by

    Judz Sawadjaan
    10 views19 pages
    This document defines key economic concepts and terms: Exchange is trading one thing for another, like trading a green dress for a blue one. Barter is exchanging goods or services without money, such as giving a case for ice cream. Supply is how much of a good or service is available, while demand is what people are willing and able to buy. Scarcity means there is not enough of something to go around, so an item is scarce. Producers make goods or provide services, while consumers use or buy goods and services.

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    Economics ppt

    Original Title

    Economics[1]

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    This document defines key economic concepts and terms: Exchange is trading one thing for another, like trading a green dress for a blue one. Barter is exchanging goods or services without money, such as giving a case for ice cream. Supply is how much of a good or service is available, while demand is what people are willing and able to buy. Scarcity means there is not enough of something to go around, so an item is scarce. Producers make goods or provide services, while consumers use or buy goods and services.

    Copyright:

    © All Rights Reserved
    Download as PPT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as ppt, pdf, or txt
    10 views19 pages

    Sol 3.7 - Sol 3.8 - Sol 3.9 - Sol 3.10

    Uploaded by

    Judz Sawadjaan
    This document defines key economic concepts and terms: Exchange is trading one thing for another, like trading a green dress for a blue one. Barter is exchanging goods or services without money, such as giving a case for ice cream. Supply is how much of a good or service is available, while demand is what people are willing and able to buy. Scarcity means there is not enough of something to go around, so an item is scarce. Producers make goods or provide services, while consumers use or buy goods and services.

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    of 19

    Economics

    SOL 3.7

    SOL 3.8

    SOL 3.9

    SOL 3.10

    Exchange
    To trade one thing for another.
    Example: !ant to trade in m"
    green di#$ for a %l&e one.

    'arter
    The exchange of good# or #er(ice
    !itho&t mone".
    Example: )ll gi(e "o& m" ca$e for
    "o&r ice cream.

    Three *ind# of
    +one"
    ,a#h ,hec$# ,redit ,ard#

    -eed# (#. .ant#

    -eed# / !hat people


    m&#t ha(e to li(e.
    0ood
    ,lothing
    Shelter

    .ant# / the thing# !e


    !o&ld li$e to ha(e1
    %&t can li(e !itho&t.

    Economic ,hoice
    2o& ma$e an economic choice !hen "o& onl" ha(e mone"
    for certain item#1 not all.
    Example:
    do not ha(e eno&gh mone" for %oth popcorn and a pret3el. m&#t
    choo#e1 #o %&" the popcorn. That i# m" economic choice.
    YUM!

    Opport&nit" ,o#t
    Opport&nit" co#t !hat "o& m&#t gi(e &p
    !hen "o& ma$e an economic choice.
    Example:
    cho#e the popcorn1 #o ha(e to gi(e &p the pret3el.
    That i# m" opport&nit" co#t.

    S&ppl" and 4emand

    S&ppl" i# the amo&nt


    of a good or #er(ice
    a(aila%le.

    4emand i# !hat
    people are !illing and
    a%le to %&".
    !o&ld li$e to %&" one cand" cane1 plea#e.

    Scarcit" 5 Sometime# there i# not eno&gh of
    #omething to go aro&nd. That item i# #carce.
    Oh no6 ce cream i# #carce6
    7 #cream1 "o& #cream1 !e all #cream
    for ice cream6 La1 la1 la1 la1 la68
    The ce
    ,ream
    Singer#

    .hat can do !ith m" mone"9

    Spend it

    Sa(e it

    n(e#t it :i(e people mone" to &#e to


    ma$e more mone"#1 li$e in #toc$#
    and %ond#.

    :ood# and Ser(ice#

    :ood#

    Ser(ice#

    Three t"pe# of re#o&rce# !or$ together in o&r
    econom"
    ;&man <e#o&rce#
    ,apital <e#o&rce#
    -at&ral <e#o&rce#

    -at&ral <e#o&rce# are thing# !e get from nat&re.
    Oil ,oal Tree# .ater

    ;&man re#o&rce# are =o%# done %" h&man# at
    !or$.

    ,apital re#o&rce# are the machine#1 tool# and
    %&ilding# needed to do a =o%.

    >rod&cer#
    >rod&cer# ma$e good# or pro(ide #er(ice#.

    ,on#&mer#
    ,on#&mer# &#e or %&" good# and #er(ice#.

    Economic Speciali3ation
    ndi(id&al# or gro&p# !ho concentrate on
    one t"pe of good or #er(ice.
    ?pple farmer ,arpenter

    nterdependence
    >eople need each other for good# and
    #er(ice#.
    The ?ncient :ree$# traded their good# acro## the
    +editerranean Sea.

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