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100
What is demand?
how much a good or item is wanted
100
I sell landscape rocks. I just ordered tons, but a new gardening show has got everyone decorating with gnomes instead what and I going to do with all of these rocks. Do the prices go up or down?
The Price goes down
200
Self- folding chairs are so popular I made some too. I can produce 9000 chairs in one day and distribute them to all the major businesses. Does the Price go up or Down
The Price goes down!
200
How much of item is available
What is supply
300
What is the difference between a consumer and a producer?
Consumer - is a person who uses or buys a product Producer - company or a person who makes a product
300
What are 2 cons of working on Assembly line?
It is very hard, demanding work. It can be dangerous. It can be boring. You have to depend on other people to get paid. There are no breaks.
400
What are 2 pros for raising minimum wage.
Answers may vary. Inflation happens every year but we have only raised the min wage 3 times in 3 decades. People are barely above or below poverty level if they are working a minimum wage job. Putting money in people's pockets will allow them to spend more and help the economy.
400
Double Jeopardy Explain why most economies are a mixed economy?
Command - even though the government controls most things they still have free choice in their markets Market- government controls some things (not suppose to sell drugs)
500
What are the 3 Basic Economic Questions?
1. What will be produced with our resources? 2. How will these goods be produced? 3. For whom will we produce these goods?
500
What are the differences between a traditional, command, market and mixed economies?
Command - controlled by the government Mixed - An economy based on both free choice and the government Traditional - based on social customs market - based on free choice of buyers and sellers
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