Supply & Demand
What is a supply?
The amount of something you have (product)
What is a natural resource?
A resource that is found in nature
What is a need?
A need is something you need to survive
What is a benefit?
A good thing you get
What is an Import?
Something that comes into a country or state from somewhere else
What is a demand?
The amount of people that want the product
What is a human resource
A person that is doing the job
What is a want?
A want is something you'd like to have but don't need to survive
What is a cost?
A thing you give up on
What is an export?
Something that leaves a country or a state
If supply goes up, what happens to the demand?
The demand goes down and prices goes down
What is a capital resource?
A product that is needed to do the job
A backpack is an example of a _______
Need
What is the cost of upgrading to a new phone with your income?
You can't buy something else
Are bananas an import or an export of the U.S.?
An import- We get them from Mexico
If supply of ice cream goes up, what happens to the demand?
It will stay the same because more people can get ice cream
True or false; The wolf from 3 Little Pigs is a human resource
False; It is a natural resource (animal)
A game console is an example of a ______
Want
What is the benefit of riding a bike?
You can exercise, you can get to friends houses, you can get faster at biking
Are Lobsters can import or an export of Maine?
If the demand of the new iphone 18 is high, but the supply is lower, what happens?
The demand goes up, but the supply goes down which mean prices increase
Fill in the blank: A _________ is a capital resource because I need it to complete school work.
Pencil
Fill in the blank: A slice of bread is a __________ and have a soda with it is a ___________.
Need, want
What is a cost and benefit in this scenario
Movie theater tickets
Costs money, getting to watch the new movie
Are cars and import or an export of Japan?
An export. They are giving them to other countries.