Econ Overview

The study of how people meet their needs through production of goods or services and how people make choices on what to do with their resources.

Physical items people buy in order to use them: food, clothes, housing, electronics.

Actions people perform for others, likely in exchange for money: hair stylist, nail salon, dog sitter, doctor, dentist, etc.

Groups of businesses that are related based on their main activities. Examples: automobile, agriculture, manufacturing, computers, etc.

Jobs/industry related to raising crops and livestock (farming)

Type of industry involved in the making of a product in a factory by using other small parts or products (for example, cars, computers, cell phones)

Industry focused on jobs that do things for other people: doctors, lawyers, waiters, hair stylists, cleaners, nail salon, etc.

An economic system characterized by private ownership of businesses and property; prices are regulated by supply and demand

A mixed economic system where major industries are run by the government, but citizens are still allowed to run private businesses. Government provides low-cost or free public services--healthcare, education, etc.

A system in which government owns and controls most property and businesses; there is no ownership of private property

An economy based on the culture and traditions of the past; making and trading handmade products and goods

The amount of goods producers are willing/able to make and sell

How much desire consumers have for a good or service

A principle which states that when supplies of goods and services become plentiful, prices tend to drop. When supplies become scarcer (shortage), prices tend to rise.

Term for the rise of the exchange of goods, information, and ideas worldwide