Name __________________________________________________________ Period ________

What is Economics?
Key Vocabulary
Directions: Use your textbook (pgs. 456-460) to complete the definitions.
Word Definition Picture Example

Wants

Resource

Economics

Scarcity

Economic
System

Introduction Questions What is Economics video

1. What are businesses? How are businesses alike? How are they different?

2. What are goods and services?

3. What is profit?

4. Name and define the three kinds of resources needed by businesses.

-
-
-
5. What are the 2 types of natural resources?
-
-
6. What is conservation? Why should we practice conservation?

7. What is the difference between consumers and producers? Can a person be both? Why?

Economic Systems
 Key Vocabulary
Directions: Use your textbook (pgs. 460-461) to complete the definitions. Leave room to add more.
Word Definition Example

Traditional
Economy

Command
Economy

Market
Economy

Mixed Market
Economy

Traditional Command Market System Mixed System

System System

1)

2)

3)

Directions: Fill in the chart with 3 basic economic questions then complete the chart to answer
the question