Economic Basics
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by Victoria Lacey
| 10 Questions
The Basic Concepts of Economics
1
1
The study of how society allocates scarce resources and goods
Consumer
Economics
Market
Producer
2
1
A person or group that is the final user of goods and services produced within an economy
Consumer
Economics
Labour
Income
3
1
Physical items that satisfy needs and wants
Income
Services
Goods
Labour
4
1
Money earned through employment or investment
Consumer
Economics
Labour
Income
5
1
Performance of laborious mental or physical tasks and/or provision of time and effort in exchange for money
Labour
Goods
Services
Income
6
1
Any organised exchange of goods and services for money; can be physical or online/over telephone
Labour
Market
Economics
Income
7
1
Goods or services that are essential for life
Goods
Wants
Needs
Services
8
1
An individual or business involved in the production of goods and services
Economics
Labour
Consumer
Producer
9
1
Actions done for you by others to satisfy your needs and wants, ie: doctors, hairdressers
Services
Goods
Producers
Consumers
10
1
Non-essential goods and services
Services
Wants
Needs
Producers
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