Vocab
the exchange of goods and services
Trade
In a command economy who makes most of the decisions
The government
What does supply mean?
The amount of product you have/Available to sell
What does it mean to import goods?
Bringing goods in/from another country
Good or service: Ms. Stephens quits teaching and becomes a doctor. She now helps babies feel better
Service
The amount of a good or service that producers are willing and able to sell.
Supply
Nichole lives in a city where her job is picked for her
Command Econ
If the demand for a product increases what happens to its price?
The price goes up
What does it mean to export something?
Selling goods
Where do natural resources come from?
The earth/world
human-made items such as tools or machines
Human resources
In a market economy who decides what goods and services are produced
Individuals/Themselves
Demand or supply: A person who has the money to make and sell iPhone and decides to put them in his store
Demand
Import or export: Shayla makes her own candy bars and ships them off to Germany so they can eat American candy.
Export
What country do we live in?
The united states of America
The price at which supply and demand are equal.
Equilibrium
True or false: Prices in a command economy are made by the individual businesses
False
What is the term when the supply and the demand is equal?
Equilibrium
Import or export: Mr. Moore notices he does not have enough students for his school to open so he brings students from Kipp to come to Yes prep.
Import
Surplus
materials found in the environment
Natural resources
When the government makes decisions for safety but the people make decisions for themselves
Mixed economy
What is it called when you do not have enough fabric (supply) for the jeans (demand)
Shortage
What is the term for a tax on imported goods?
Tariff
What is your favorite subject
Social studies