Vocab
When there is not enough of a resource.
Shortage
Someone who buys and uses things.
Goods that last a long time; therefore not replaced often
Durable goods
If the class lowers the supply of doughnuts to 10 doughnuts a day, what do you think they could do with the price?
Raise it
The amount of something someone (business) has.
Supply
One who creates goods
Manufacturers
Someone who creates and supplies goods or services
The price of jelly has risen. What happens to the demand for peanut butter?
Demand for PB decreases.
When a producer makes more of a product that the consumers use.
Surplus
How much of something people want
Demand
Products that are often bought together.
Compliments
The starch in corn can be distilled and converted to ethanol, an additive to petroleum-based fuel. What happens to the price of corn?
Price rises
The study of how people make choices to get the things they need and want
Economics
The total value of goods produced in one country during one year
Products that are very similar to one another.
Substitutes
New research shows that low-fat dairy products help with healthy weight loss. What happens to demand?
Demand rises
Individuals, or companies, that provide a service for people for a fee
Includes how things are made and how people get those things
Economic System
This is a service that helps people of low income make it through hard times.
Welfare
The price of MacBooks has decreased. What happens to the demand for Chromebooks?
Demand decreases