Basic Economic Concepts Name __________________

1. Economics- the study of ___________________________________________

_________________________________________________________________

It is also how … ___________________________________________________

_________________________________________________________________

2. Needs- _________________________________________________________

_________________________________________________________________

3. Wants- _________________________________________________________

__________________________________________________________________

4. Goods- __________________________________________________________

___________________________________________________________________

5. Services- _________________________________________________________

6. Consumers- _______________________________________________________

7. Producers- ________________________________________________________

8. Scarcity- __________________________________________________________

____________________________________________________________________

9. Resources- _________________________________________________________

_____________________________________________________________________

*

*

*

*

10. Productivity- _______________________________________________________

_____________________________________________________________________

3 factors that make our economy productive:

*

*

*

11. Three Basic Economic Questions- _____________________________________

____________________________________________________________________

*

*

*

Money Name

_______________________

Money- ______________________________________________________________

____________________________________________________________________

_

Examples of items used as money in history:

* *

* *

* *

-Paper money came into use in the United States in 1770’s. It was issued by the

_____________________ and was backed by ___________________ &

_____________________ deposits in banks.

3 Functions of Money

*

*

*

4 Characteristics of Money

*

*

*

*