1. Unit 1: Lesson 2 What is an Economy?

2. JA BizTown -a community- a place where you will work, trade, and share. At JA BizTown you will become producers, work in businesses, and be consumers.

3. Economy: a system of production, consumption, and distribution of goods, services and resources.

4. Circular Flow Chart

5. Goods & Services

6. Circular Flow Chart Goods & Services Money

7. Resources: Things and people used to produce goods and services

8. Resources: Human Natural Capital

9. Human Resources: the skills and abilities of workers used in production.

10. Natural Resources: things used in production that occur naturally in the world, such as water.

11. Capital Resources: resources made by people, such as factories.

12. Circular Flow Chart Resources Goods & Services Money

13. Circular Flow Chart Resources Money Goods & Services Money

14. Market: a system in which people and businesses by and sell goods, services, and resources.

15. Circular Flow: a model of the movements of goods, services, resources, and money in an economy. Resources Money Goods & Services Money