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Economics

Economics: Decision people made to meet needs and wants
Needs: thing you must have like water food and medication
Wants: Thing you would like to have like toys video games and scoot
Supply: Much of the good products that are available
Demand: The quality of good or service that customer wants to buy at a given price
Goods-: tangible items like food ,book, ect
Services: Activities done for you like manicures haircuts
Consumers: People to buy Goods and services
Producers: Make items to sell
Scarcity- A Problem when there are not enough products or service
Profit- A map of money people earn from selling Goods service cost benefits
Cost-benefit analysis: when you give up when you make a choice what you get from a choice you make one money is put in a savings account you earn interest and get extra money
Cost: When you get up when you make a choice
Benefit: What you get From a choice you make
Interest want money is put into a statement account you're interested and get extra money
Charity: Organization who helps people need
Debt: Money that's owed
Inflation: Prices that Are rising
Deflation: Prices that are Decreasing
Credit: When you Precious item you are using other people's money
Created by: daquiros
 

 



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