How we get what we want...
4066 Basic Economics Note Taking Guide
Modified from Georgia Agricultural Education
Leanne Brown
Terms
 business
 competition
 consumer
 free enterprise
 money
 price
 demand
 dividend
 economic system
 economics
 risk
 supply
What is economics?
 The study of how people ________________________________________
 Includes producing ____________ and _____________ and
_______________ them to people
 _______________________________ have systems to care for people
 ___________________ is required to produce and make money
 Includes supply, demand, prices & money
How does price effect economics?
 Price is the amount of __________________ involved in
_______________ and ______________ a good or service
o worth of the item in money
What importance does money play in economics?
 Money is anything ____________________________________________
o currency is _________________ used in a country
o the value of money is _________________________________
o change in _______________ can cause change in the
______________ of money
Explain the economic system.
 Economic system is how people __________________________________
o how things are _____________________, ___________________ or
_______________________
Different Economic Systems
 All ____________________ have economic systems just ______________
in some way to meet their particular needs
o __________________ versus ____________________
o major differences are based on _______________________________
Explain free enterprise.
 Free enterprise the a way of doing business in the ____________________
o allows for business to work with minimum _____________________
o allows people to work and make money for ________________
o many people own property
Describe business ownership.
 A business is a person or group that ______________ and / or _________
________________ and _________________
 People who own businesses take risks
o a ________________ is the possibility of losing what has been
invested
o but you also can get _________________ from a risk
 ____________________________________________________
What choices are available within free enterprise?
 You can _____________ what to produce, buy and sell
 You can set your ____________________ and be somewhat flexible
 Decisions require a lot of ___________________________
What kinds of control issues are present in free enterprise?
 Few government controls
 You can run the ____________ as you chose - but dishonesty is unacceptable
 ____________________ are imposed
o help keep food clean and measured
o people want a full portion of what they pay for
Who are consumers?
 Determine what business __________________________
 if consumers won’t buy a _______________ it won’t be
_________________
 A consumer is a _________________________________________________
 all consumers have limited money and must decide how it will be
spent
What is competition?
 Consumers will choose what they like best compared with it’s cost
 Competition allows ______________________________________________
What is a dividend?
 Profit paid to a ________________ in a _____________________
What is Supply and Demand?
 Supply is the ________________ of goods or services _____________
 Demand is the amount of product that will be ________________ at a given
_____________