1.00-1.02 economic key terms

Economist

-A person who studies economics.

National Income Tax

-Something you might study in Macroeconomics.

Personal Income

-Something you might study in microeconomics

Economics

-The study of how people get the economic products they need and want.

Macroeconomics (-give example)

-The study of national and global economy. - looks at the big picture of communities, nations, and global decision making. -An article about international relief efforts to address global warming.

Microeconomics (-give example)

-The study of single factors and the effects of individual decisions of the economy. (individual units of economy) -looks at the smaller picture of individuals and businesses. - An article about a new cell phone.

Goods

Goods are the physical items created by people to be used right away. Gas and fast food are goods, like your computer and mp3 player.

Services

Services are the valuable actions supplied by other people. The person who took the drive-through order and the person who assembled the lock on your door provided a service.

Basic Economic Questions

What will be produced? How will it be produced? For whom will it be produced?

Economic Products

are the goods and services.