1. A Mini-Unit on Money and the Economy of the U.S.
Economics
A Mini-Unit on Money and the Economy of the U.S.

2. The Business of America
How do the key political, social, and economic events of the 20th Century affect the U.S.?
Assembly Line Production
Amelia Earhart
Calvin Coolidge
Charles Lindbergh

3. Unit 7a: Economics
Vocabulary

4. “Economics” defined…
The system of trade, exchange, and finance that supports the management of resources in a community, country, etc., especially with a view to its productivity.
4 primary types of economies:
Market
Command
Mixed
Traditional

5. Free Market Economy Also known as capitalism or free enterprise
Private ownership of property and resources (owned by individuals)
Individuals and businesses make profits
Individuals and businesses compete
Economic decisions are determined by supply and demand
Profit is a motivator for productivity
No government involvement
Consumer sovereignty: buyers determine what is produced

6. GOODS

7. Anything that can be grown or manufactured

8. SUPPLY

9. The degree of availability of an item

10. Producer

11. Someone who creates or manufactures a good or service through physical or mental effort

12. Services

13. Something that a person does for someone else in exchange for money or value

14. Consumer

15. A person who buys a good or service

16. Limited Resources

17. Items that are scarce in nature and cannot be renewed

18. Economics

19. The study of the production, distribution and the consumption of goods and services

20. Unlimited Resources

21. Materials that are endless and/or can be renewed

22. Demand

23. The amount of a good or service that consumers are willing and able to buy

24. Scarcity

25. A limited supply of resources in comparison to unlimited wants and needs

26. Market Price

27. The price that satisfies both producers for profit and consumers for value

28. Opportunity Cost

29. What you give up in order to get something

30. Microeconomics

31. The finance of people or families.

32. Macroeconomics

33. The finance of the world.