Economics Study Guide

Economics Study Guide
SOL 1.7, 1.8, 1.9
QuickTi me™ and a
TIFF ( Uncompressed) decompressor
are needed to see thi s pi ctur e.
goods: touchable items that people make or buy to
satisfy needs and wants
services: activities that satisfy people’s needs and
QuickT ime ™an d a
TIFF ( Uncomp res sed) deco mpre ssor
ar e need ed to see this pictur e.
buyer: a person who uses money to purchase a good
or service
seller: a person who decides how much money to
charge for a good or service
money: a medium of exchange
savings: money put away now to save or spend later
needs: things you HAVE to have in order to survive
wants: things you would LIKE to have but DO NOT
need in order to survive
Examples of goods: clothes, food, house, car, shoes,
plants, toys, etc.
Examples of people who provide services: doctor, teacher,
principal, nurse, hairdresser, dentist, fire fighter, police
officer, etc.
**A buyer uses money to purchase goods and services.
**A seller receives money for goods they sell or services
they provide.
**People cannot have all of the goods and services they
want. They must make CHOICES to have some things and
give up others.
**People can choose to spend or save money. People save
money to buy goods and services in the future. For
example, we might save money to pay for a college
education in the future.
Random flashcards
State Flags

50 Cards Education

Countries of Europe

44 Cards Education

Art History

20 Cards StudyJedi

Sign language alphabet

26 Cards StudyJedi

Create flashcards