Vocabulary
Who is a person who buys a good or service?
Consumer.
What resource do people do?
Human Resources
What are all the coins values in the United States?
1, 5, 10, 25, 50, and $1 coins.
What is supply?
The amount of something available to sell.
Why do people trade?
Because of scarcity.
When you put money into a bank is to?
Deposit.
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What does Canada use as currency?
Dollars and cents.
What is demand?
How much the customer wants the item.
What is advertising used for for?
It is used to increase the demand for a product.
Not having enough of something is?
Scarcity.
An item people buy is a?
Good
True or false,Canadian bills are different colors?
True!
If the supply goes down what happens to the price?
It goes up.
Why is money good for trading?
It is portable,divisible,durable,and recognizable.
The thing that you give up when you buy something is?
Opportunity cost.
Something that is provided to you from someone else is a?
Service
How are Canadian bills different than American bills?
They are different colors, and they are made of polymer plastic paper instead of paper.
If demand goes up what happens to the price?
It goes up.
True or false, consumers make choices about what they buy because of how much money they have?
True.
Depending on others to produce things you need is?
Interpredence.
What resource uses big machines?
Capital resource.
How are Carribean coins different than US coins.
They are different weight and they have Queen Elizabeth's portrait on the front.
How does the demand affect the supply?
The supply goes down because people with demand buy the products.
True or false, earning an income is earned by trading time and effort for money.
True.