1. Learning Economics

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

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

5. Producer
Anyone who makes goods or
provides a service

6. Consumer
Anyone who buys goods or services

7. Goods

8. Production.wmv
Services

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

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

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

12. #1 Human Resources
The People needed to perform a task

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

14. #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

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

16. The United States Economy

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

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

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

20. 2009 GDP Top 5 Countries

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