Economics Study Guide

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Economics Study Guide
SOL 1.7, 1.8, 1.9
VOCABULARY:
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
wants
QuickT ime ™an d a
TIFF ( Uncomp res sed) deco mpre ssor
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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.
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