Supply & Demand
his is the amount of a good or service consumers are willing to buy.
What is demand?
This is the study of how people use limited resources to satisfy wants and needs.
What is economics?
This is what people use to buy goods and services.
What is money?
his is money collected by the government to pay for public services.
What are taxes?
Buying one thing instead of another is called making this.
What is a choice?
This is the amount of a good or service producers are willing to sell.
What is supply?
These are things you must have to survive, like food and water.
What are needs?
This is the place where people save money and borrow money.
What is a bank?
This happens when people who want jobs cannot find work.
What is unemployment?
When you save money instead of spending it, you are planning for this.
What is the future?
This happens when more people want a product than is available.
What is a shortage?
These are things you would like to have but can live without.
What are wants?
This is money borrowed that must be paid back.
What is credit?
This is the total value of goods and services produced in a country.
What is GDP?
A budget helps you do this with your money
What is plan?
This happens when there is too much of a product and not enough buyers.
What is a surplus?
This is something you give up when making a choice.
What is opportunity cost?
his is the extra money paid back on borrowed money.
What is interest?
This is the system where businesses are privately owned and prices are set by the market.
What is capitalism?
When the price of gas rises, many people buy less of it. This is an example of this economic idea.
What is demand?
This law says when prices go up, people usually buy less.
What is the Law of Demand?
This is a situation where resources are limited but wants are unlimited.
What is scarcity?
This is the general rise in prices over time.
What is inflation?
This is the system where the government controls most businesses and resources.
What is socialism?
Choosing to spend money on a phone instead of saving it for clothes is an example of this.
What is opportunity cost?