Photography Project#2

• Choose 5 terms from the vocab list below and demonstrate them using the photographs you took in class (located in Student Share>12th Grade Civics/Economics>Photography).

• If you weren't in class, you may use images from the internet.

• In either case, you must write a 1-2 sentence caption for each picture in order to explain how it demonstrates the term.

Basic Economic Terms

Economics – The study of how society chooses to satisfy wants and needs by using its scarce resources to produce goods and services for present and future consumption

Wants – things that people value but are not basic necessities

Needs – things needed for human survival (food, clothing, and shelter)

Scarcity – when there are not enough resources to satisfy people’s wants or needs

Goods – material objects that satisfy people’s wants or needs; commodities

Services – actions that satisfy people’s want or needs

Consumption – buying or using goods or services (unless it is an investment)

Investing – spending money in hope of making a profit

Profit – the money left after all the costs of production have been paid

Means of Production – the things needed to produce g/s: land, labor, capital, and
entrepreneurship

Labor – human effort necessary to produce goods and services

Asset – anything of value that is owned

Capital – assets used to invest or produce goods/services (stocks, equipment, technology, money)

Entrepreneurship – willingness to take on the risk of producing goods/services

Capitalism – an economic system where individuals own the means of production

Laissez Faire – the policy of government keeping its “hands off” business (pure capitalism)

Invisible Hand of the Market– Adam Smith’s idea that L.F. benefits society as a whole by letting individuals pursue their own self-interest (1. More motivated workers ; 2.
Talented workers in every profession; 3. Better, cheaper g/s in the right amounts)

Market – a system of exchange in which things are sold for money

Supply – the amount of a good or service that producers are willing or able to sell

Demand – the amount of a good or service that consumers are willing or able to buy

Monopoly – when there is only one supplier of a certain good or service

Competition – rivalry among businesses to win the same customer or market

Efficiency - producing something with a minimum of waste, expense, or effort

Productivity – the ability to produce more goods and services faster

Division of labor – breaking down a job into small tasks performed by different workers (assembly line)