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What is Economics? Notes Name______________________ BLK______11. Economics is _______________________________________________________________________________________________________________________________________2. A service is __________________________________________________________________________3. A good is ____________________________________________________________________________4. Supply is ____________________________________________________________________________5. Demand is _________________________________________________________________________6. Scarcity means ____________________________________________________________7. A consumer is ____________________________________________________________ A producer is _____________________________________________________________

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What is Economics? Notes Name______________________ BLK______11. Economics is the branch of knowledge concerned with the production, consumption, and transfer of wealth. 2. A service is the action of helping or doing work for someone. 3. A good is merchandise or possessions. 4. Supply is the amount of something. 5. Demand is how much people want something. 6. Scarcity means a shortage of something. 7. A consumer is a person who purchases goods and services.

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Answer:

What is Economics? Notes Name______________________ BLK______11. Economics is the study of how people designate their scarce resources.  

2. A service is something that is done for us and is intangible (untouchable)

3. A good is something that you can touch and see. Eg. chips.

4. Supply is a specific amount that a company has to show how many goods and services they have.

5. Demand is something that is wanted by someone.

6. Scarcity means the economic problem, where we have limited means to meet our unlimited wants.

7. A consumer is someone who buys something and uses it.

8. A producer is creates goods and services.

Explanation:

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