Economics Basics

Unlimited wants and needs, but limited means to meet those wants and needs

The total value of goods and services that a country produces/uses in one year.

Things people make or purchase that can be touched

Focusing on making only one good, It can be made cheaper, faster, and often better

This is the process by which countries exchange goods

The amount of people that want a good

Goods brought in from another country, often because one country cannot produce or grow them

Workers, people who do the job or make the product

Actions that people perform for others

Resources that are found in nature

Goods that are sold to another country or different market

In this economy the basic rules of economics determine what is produced and the price

In this form of economy the government makes all of the decisions

The other resources needed to make a job or create a good, these resources may include money

Multiple producers attempt to get business from consumers (Nike vs. Under Armour)