Fill in the Blanks Basic Economic TermsOnline version ACADEMIC TALK (Economics) - lesson 02 by Филипп Леонидович 1 hand Value marketplaces clarify allocation study demand intangible Markets consumption price tangible market sellers interaction Price quantity dive Good morning , everyone . Today , we will into some fundamental concepts of economics , which will provide a solid foundation for your further studies in this field . We will explore key terms and their applications in real - world scenarios . Let's get started . First , let's the difference between economics and the economy . Economics is the of how individuals , firms , and governments make decisions about the of resources . It encompasses various theories and principles that explain these decision - making processes . On the other , the economy refers to the actual system within a country or region where these economic activities occur . It includes all production , distribution , and activities . The is a platform where buyers and interact to exchange goods and services . can be physical places , like a local farmer's market , or virtual spaces , like online . The functioning of markets is governed by the forces of supply and . Supply refers to the of a product or service that producers are willing and able to sell at various prices . Demand is the quantity that consumers are willing and able to purchase at different prices . The between supply and demand determines the market and quantity of goods sold . Cost is the expenditure incurred to produce a good or service . is the amount of money consumers pay to purchase it . is the perceived benefit that a consumer receives from the good or service . Goods are items that can be seen , touched , and stored . Services are and involve activities or benefits provided to consumers . 2 abroad Domestic decisions stability goods emergencies Resources assets bulk services limited Saving value stability consumers Economics economic Scarcity necessities National are inputs used to produce goods and , such as labor , capital , and natural resources . refers to the nature of these resources , which makes it necessary to make choices about their allocation . GDP ( Gross Product ) measures the total of and services produced within a country's borders . GNP ( Gross Product ) includes GDP plus the net income earned from . To ensure financial , individuals and businesses need to make smart financial . Investing in stocks , bonds , or other can yield returns over time . up means setting aside money for future needs or . Buying in can reduce the unit cost of goods , making it a cost - effective strategy for both and businesses . Ensuring access to basic such as food , shelter , and healthcare is crucial for maintaining societal stability . Financial at the individual and national levels helps support this access and promotes well - being . Understanding these fundamental concepts is essential for analyzing economic activities and making informed decisions . provides the tools to understand the market , manage resources efficiently , and address issues of scarcity . By exploring these topics , we gain insights into how economies function and how we can contribute to their stability and growth . Thank you for your attention . I look forward to our discussion and any questions you may have .
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