Supply/Demand
Supply and demand affect goods and services in an economy. If people decide to buy more of a product, producers will MOST likely decide to ________.
make more of the product
The lack of adequate resources to obtain all of one's wants
scarcity
In economics, there are imports and exports. An import is _________.
Merchandise shipped from a foreign country.
Since the United States trades products with many countries, American consumers ________.
have a better selection of goods and services
The resources used to make the goods and services.
Factors of production
Ella Mai wants to go shopping for new shoes. She hears about a sale at a local store and decides to go there first. What encourages her to do this?
price incentive
When consumers want more goods and services than producers are willing to make available at a particular price
Shortage
Anyone who buys a good or service.
Consumer
The study of how people seek to satisfy their needs and wants by making choices
Economics
What are the 3 factors of production?
Land, labor, and capital
How much people want something
demand
When people use something, they gain something but give something else up. What is given up by doing one thing instead of another is called _______.
Opportunity Cost
A Bicycle Store is an example of....
Specialization
When a cell phone is made in the South Korea and sold in the United States this is an example of?
An export
Human made resources resources that are used to produce other goods and services.
Capital
The amount of product that is AVAILABLE for the consumer to purchase
supply
When there is a low supply of a product, this is called....
scarcity
Someone who makes or grows goods, or offer services
producer
People who decide how to combine resources to create new goods or services.
Entrepreneurs
The act of giving up one benefit in order to gain another , greater benefit
trade off
When a small store closes because a larger store has opened close by, this is an example of.....
Competition
True of false. When the government establishes a price floor or price ceiling it is a means of dealing with demand.
False. It is a means of dealing with scarcity
Something we pay for that we can touch
goods
Name and describe at least three types of insurance.
Life (provided for your family if you die), health (covers health and medical expenses), disability (if you become disabled and unable to work), homeowner's (if your home becomes damaged or destroyed), comprehensive (wide range of catastrophes), and auto (covers financial cost for auto accidents).
The amount of money we pay for a good or service
price
A new toy came out before the holidays and they cannot keep enough on the shelves! This is an example of:
High Demand
Alyssa is hungry and thirsty. She only has enough money for Flaming Hot Cheetos or a Minute Maid Lemonade. She cannot buy both. If Alyssa buys chips, what is her opportunity cost?
The opportunity cost is her drink. She will remain thirsty.
Something someone does for you is called a.....
Service
True or false. Lenders look at your test scores in school to determine if they will loan you money.
False. Your credit score will determine whether they will loan you money.
The money left over after all the business overhead has been paid
Profit