4th period Economic class Daniel Chang

1. Scarcity- You want so much things, but you do not have that much money to buy all those things. For example, luxury stuff, LV, GUCCI...

2. Goods- Goods are something that you can buy. For example, Foods, Water, Clothes...

3. Services- The works that someone do for another. For example, job teachers, Doctors, Cashers...

4. Economics- The main idea of economic is MONEY, but also all the resources on this world, and all the choices that you make on buying something or doing something. For example, opportunity costs... And need to count for the budget when you are buying something...

5. Capital- Is the all the resources that people used to produce or distribute to the goods and services. For example, I uses cotton and other things to make a shirt.

6. Entrepreneurship- Combination of vision, skill and all those things. And take risk to create and run a new company. For example, I am gonna to try to run a new company when I am studying in university, and that is one example for entrepreneurship.

7. Wants- Something that is not necessary for life, but you wants it. For example, LV Shoes, GUCCI Shoes...

8. Needs- Something that is necessary for your life. For Example, Water, Foods...

9. consumer- Person who purchase stuff. For example, I buy a pair of shoes, then I am the consumer.

10. Producer- Person who produce the stuff, or provide services. For Example, LV's factory is producing shoes, bags... and LV's factory is producer.

11. Land- Land are the natural resources that can be found either under or above the ground to produce goods or things. For example, some hot spring place's water comes from the underground.

12. Labor- Is mean the things that producer use when they are making the products. Also can mean some jobs. For example, I make a shoes with my talent, I work hard... So those things are the labor for me. The job are teachers, workers, doctors...

13. Opportunity costs- Is the thing that you give up in a alternative choices. For example, I want to buy a car and boat, but I think car is more useful, so I buy a car. Then boat is my opportunity cost

14. economizing- Means to make the decision that you think is the best combination of costs and benefits For example, I choose to buy an 50 dollars apple instead of 100 dollars apple, because it is sweeter and cheaper.

15. PPC- is a graph that can shows that the maximum goods or services that can be produced using limited resources. For example, I can use PPC to know the economic of my company, it grow or fall.

16. Guns and Better- Guns and Better means military or foods, living needs... For example, a country will like to either make a guns for 2 million dollars or buying foods for all the citizens for a nice meal.