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Published bySharleen McKinney Modified over 8 years ago
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Economics- the study of how people in a society make a living Economist- a person who studies economic choices
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The Basic Questions All Economic Systems Address What is produced? (production) For whom? (distribution) How many? (consumption) How are goods produced?
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2 Groups of Economic Decision Makers 1.Consumers- people who buy and use products 2. Producers- people who make things that satisfy consumers’ needs and wants Consumers choose what to buy, and Producers choose what to provide. This network is the basis of ALL ECONOMIC SYSTEMS.
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How Do You Make Decisions? Based on Needs and Wants Needs: Food Clothing Shelter Wants: IPod Cell phone TV
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Decisions Also Focus on Goods and Services Goods: physical objects that can be purchased Services: actions performed for a fee The term Product refers to both.
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