Definitions n Such
When the demand is greater than the supply.
What is scarcity.
When you have buyers and sellers you have this term.
What is a market.
Scarcity requires people to make these.
What are choices.
John spent $10 on materials to make a night stand. He sold the stand for $25. What was his profit?
What is $15.
Henry Ford was the first to create this idea. Everyone had a specific job when making a car. The car would pass down a line, and everyone did their part (specialization.) What is the name of this line?
What is an assembly line.
The study of money.
What is economics.
When you make a good and then sell it your doing this.
What is...
production=make
distribution=sell
Antonio bought a basketball from the store. The basketball is an example of what term?
What is a good.
A worker at a store (employee) is an example of what type of resource?
What is a human resource.
Why is Wal-Mart NOT an example of a store that offers specialization?
What is because they sell multiple items in their store and all different kinds of products.
When you make money. (You sell an item for more than your costs and make this term.)
What is profit.
When you purchase or use a good you become this term.
What is a consumer.
Haley got a haircut. This is an example of what term?
What is a service.
What are natural resources.
How has technology changed the production of goods?
What is... (answers may vary)
1. trains and semi trucks deliver goods quicker now so there's more supply at times and lower prices
2. technology such as computers and robots have eliminated certain jobs and lowered the price of certain items
3. Other....
An action someone does for another individual.
What is a service.
When you depend on someone or something else to complete a job or produce a good.
What is interdependence.
Subway buys tomatoes from local farmers. If the price of tomatoes goes up, then Subway has to raise their prices. This is an example of what term?
What is interdependence. (Subway is dependent on the farmers.)
What will happen to the price of an item if the demand is HIGH and the supply is low?
What is the price will go up.
If the demand for an item is LOW and the supply is HIGH, then this would happen to the price.
What is it would go down (lower).
Another word for a product you buy at the store.
What is a good.
When you get really good at producing one type of good or service.
What is specialization.
Name three stores or companies that offer specialization.
Answers may vary
Examples: Pizza Hut, Nike, Bike Shops. Pet Stores, etc.....
NOT WAL-MART!
Wal-Mart and TJ Max are competitors because they have similar items and are wanting business from the same people. If Wal-Mart lowers the price on an item, what might their competition do?
What is lower the price, also.
Two benefits of specialization.
What is specialization allows products to be created cheaper and allows for products to be made better and faster.