1. Economics part 1 – Good
Example
Katy Woody
EDET 620

2. Economics is the study of production, distribution,
and consumption of goods and services.

3. Resources are used in production of goods
and services.

4. Limited resources +high demand= scarcity

5. We think about options and make choices.

6. What we don’t choose becomes the
opportunity cost.

7. Individuals, businesses and the government
all make choices.

8. Supply and demand interact to the price of
goods and services.

9. Production combines resources to meet the
demand.

10. Supply and Demand