Basics of Economy

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Last updated 5:36 PM on 6/12/26
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4 Terms

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Economy

How a group (family, town, country) manages limited resources like money, time, labour, and materials to make, get, and use the goods and services people need and want.

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Scarcity

The state where resources are limited, making it impossible to have everything instantly and requiring choices that impact jobs, prices, and government revenue.

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Production (Making Stuff)

One of the three big things in an economy where farmers grow food, factories build cars, or software engineers code apps.

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Exchange (Trading Stuff)

The process of swapping money for goods or