Learning Economics

Economics the study of how resources are managed in the production, exchange, and use of goods and services

Market The place or atmosphere in which goods or services are sold or exchanged

Producer Anyone who makes goods or provides a service

Consumer Anyone who buys goods or services

Goods

Production.wmv Services

Supply The amount of a product or service that producers have to sell

Demand The amount of a product or service that consumers want to purchase

The things that are needed for production to occur are called.... Factors of Production Factors of Production.wmv

#1 Human Resources The People needed to perform a task

The raw materials needed to make products #2 Natural Resources The raw materials needed to make products

#3 Capital Resources The tools and machines needed to make products and the factories and office buildings in which products are made and companies are managed

Scarcity When a resource is in limited or short supply Resources.asf Sold out Help Wanted

The United States Economy

Free Enterprise or Market Economy Economy where business owners compete in the market and conduct business with little government interference.

How can you tell how well a country’s economy is doing? GDP Gross Domestic Product

What is Gross Domestic Product ?????????? It is the total value of the goods and services that a country produces each year.

2009 GDP Top 5 Countries

Globalization Expanding trade and communications around the world. It helps open new markets and keep prices low for consumers. Globalization.wmv