Basic Economic Concepts
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Transcript of Basic Economic Concepts
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Basic Economic ConceptsProducers, Consumers, Goods & Services
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Producers:People who make goods or provide services.Producers usually receive income for their work.
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Consumers:People who buy services and goods.Consumers have many choices to make about what to buy.
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Consumers cannot buy everything they would
like because money is limited.
People make choices about which good and services they want and
need.
Their decisions determine what producers make.
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Goods and ServicesGoods
Physical objects that are made that can be weighed or measured.
Services Tasks performed by
people or machines.
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You Try It… Fold a piece of paper in half.
Choose either
Goods and Services or
Producers and Consumers
Draw a picture similar to the ones shown that describe your choice.