Basic Economics (A+)

Work to Provide a Demand/Earn Wages to enable us to consumer Goods/Services we need to live/Once Wages are Gone (Start Over) - How is economic activity circular? Goods/Services - What do businesses give consumers for their money? Payment/Money - What do individuals get from businesses and the government for their labor? Services - What do citizens get from their government for their tax money? Things which people would like to have/desire - Define wants? Things which people need to survive - Define needs? Things that can be made or manufactured - What are goods? Things used to manufacture other goods - What are capital goods? Work that is done for someone for a certain price - What are services? Problems of limited goods and the unlimited wants of society in general - What is scarcity? Limits the availability of goods and services that people desire or need, gives something value - Why is scarcity important economically? Supply and Demand - Why two factors determine something's price? Amount of a good or service that is available for consumers to buy - What is supply? Amount of a good or service that consumers are will to buy - What is demand? Equilibrium Price/Market Price - What is the term for the point where supply and demand meet to determine a price? When demand is greater than supply - Define a shortage in terms of supply and demand? When supply is greater than demand - What is a surplus in terms of supply and demand?