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| Question | Answer |
| What is economics? | Economics is the study of how people use resources to survive and to satisfy their needs an wants |
| Human Resources | People who use their skills to produce a good/service |
| Examples of Human Resources | Accountant, Truck Driver, Firefighter, Cashier, Janitor |
| Natural Resources | Materials or substances that occur in nature and can be used for economic gain |
| Examples of Natural Resources | Air, Water, Wood, Oil, Iron, Coal |
| Capital Resources | Goods produced and used to make other goods/services |
| Examples of Capital Resources | Buildings, machinery, tools, equipment |
| Cash Economy | Financial Transitions are carried out in cash rather than debit or credit. It determines and limits the goods and services a customer can buy |
| Values (Customer) | A customer's beliefs. The more important something is to the customer, the more the customer is willing to spend on it. |
| Examples of Values | Family, Friends, Work, Honesty, Religion, Self Reliance |
| Self Reliance | Reliance on one's own ability and resources rather than those of others |
| 3 Basic Economic Questions | 1. What goods and services should be produced? 2. How to produce the goods and services 3. Who gets the goods and serves produced? |
| What is market? | 1. A place where there mare many buyers and sellers who actively engage in acts of buying and selling goods or services 2. Usually in exchange for money 3. May be in one specific place or not exist physically at all |
| Examples of Invisible Markets | 1. Over telephone lines 2. Online 3. In Emails |
| 2 Types of Markets | Consumer Market, Business Market |
| Consumer Market | Represents individuals and families purchasing goods/services for personal consumption |
| Business Market | Market of goods and serves to individuals and organizations for the purpose other than personal consumption |
| Global Market | 1. Transactions that are devised and carried out across national borders 2. Selling goods/services in international markets |
| What is a market structure? | The selling environment in which a firs produces and sells |
| 3 Types of Market Structures | 1. Perfect Competition 2. Monopoly 3. Oligopoly |
| Competition: | A person or a group that you are trying to succeed against |
| Cooperation: | A combination of people working towards a joint benefit or common goal |
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