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Economic Basics
By Victoria Lacey
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Last updated over 7 years ago
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The Basic Concepts of Economics
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The study of how society allocates scarce resources and goods
Consumer
Economics
Market
Producer
A person or group that is the final user of goods and services produced within an economy
Consumer
Economics
Labour
Income
Physical items that satisfy needs and wants
Income
Services
Goods
Labour
Money earned through employment or investment
Consumer
Economics
Labour
Income
Performance of laborious mental or physical tasks and/or provision of time and effort in exchange for money
Labour
Goods
Services
Income
Any organised exchange of goods and services for money; can be physical or online/over telephone
Labour
Market
Economics
Income
Goods or services that are essential for life
Goods
Wants
Needs
Services
An individual or business involved in the production of goods and services
Economics
Labour
Consumer
Producer
Actions done for you by others to satisfy your needs and wants, ie: doctors, hairdressers
Services
Goods
Producers
Consumers
Non-essential goods and services
Services
Wants
Needs
Producers