team 1
What do we call money people earn from work?
income
What is the place where people buy and sell goods?
market
What do we call things people want but do not need?
wants
What do we call things people must have to live?
needs
- 10
-10
+200
+200
When demand increases and supply stays the same, what happens to price?
it goes up
What is demand?
How much people want to buy
What is supply?
How much producers sell
If a product is cheap, do people usually buy more or less?
more
Where do people keep their money safely?
in a bank
What do we call money saved in a bank?
savings
What is money used for?
To buy goods and services
who is the friend of simba?
mufassa
What do we call money borrowed from a bank?
a loan
What do we call a person who starts a business?
Entrepreneur
What do we call the money a business makes after costs?
Profit
What do we call money a business loses?
Loss
What do workers receive for their job?
Salary / wages
+400
+400
Why do prices often go up before holidays?
Demand increases
What happens when people save money instead of spending it?
Spending decreases
500
+500
What do we call choosing one thing instead of another?
Making a choice
What do we call the money paid for goods or services?
Price