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ECONOMICS

          We know, all too well, that we must pay for what we buy, whether it be automobiles, clothing, movie tickets, or roller coaster rides.  Buying as many products and services as we can with our limited incomes is an economical thing to do.

          Economics is an important part of everyone’s life. It is the way in which human and natural resources are used by a nation to produce goods and services.  Economics can be things you buy (products) or things someone does for you to save time and effort (services). Whatever it is, something of value is given up or exchanged for something else of value that we want and think that we have to have. Giving up something you want or need in order to get something else is called opportunity cost. Products and services are, however, limited.  That means they are scarce. The amount of these available to the public is called supply.

          Maybe you are thinking of buying a new car, so you postpone buying a newly released CD in order to save money for the car.  This is an important point.  Human wants and needs are unlimited. Most of us don’t have nearly as much money as we would like. When it comes to two items you want, you may need to make a choice. Because of this, we have to decide what we really want and feel that we have to have in order to satisfy our most important needs.  When we are hungry, we want food; sick, we want medical care; excitement, we could choose a number of things. The desire of customers for a particular item is called demand.

          Economics is involved in every purchase that we make. We receive money for working.  This money is called income. We can only spend our money once and then it’s gone.  Because of this, we must decide what is most important to us and make that choice. When we do this, we are prioritizing (choosing what is most important) needs and wants and allocating (setting money aside to pay for certain things) resources to satisfy them.

Remember:  Economics is a process of making decisions to satisfy unlimited human wants and needs with limited resources.

Important Economic Terms:

ALLOCATING	CHOICE	COST
DEMAND	ECONOMICAL	ECONOMY
GOODS	INCOME	MOST
NATURAL	NEEDS	OPPORTUNITY
PRIORITIZING	PRODUCTS	RESOURCES
SCARCITY	SERVICE	SUPPLY
WANTS

Economics Wordsearch

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ALLOCATING	CHOICE	COST
DEMAND	ECONOMICAL	ECONOMY
GOODS	INCOME	MOST
NATURAL	NEEDS	OPPORTUNITY
PRIORITIZING	PRODUCTS	RESOURCES
SCARCITY	SERVICE	SUPPLY
WANTS