Resources
Supply and demand driven, individual people control economy
Market economy
Are supply and demand attached to each other? Explain
Yes
What type of economy do we have?
Mixed economy
I'm going to buy wood to build my house from China because it's cheaper what kind of decision is this?
Production Decision
Government controls all production and distribution of goods and services
Command Economy
If the price of something is too high what will happen to Supply?
Will go up because people are not buying the product.
Which term defines this situation? Selling a product at your store, then a new store opens up in the area and sells the same product
Competition
Something you give up in order to get something you need/want
If something is really popular what will happen to the demand?
Will go up because everybody will want the product.
Why do we have to trade with other countries?
May not have the means to produce certain goods
How do we get goods we need if we cant get them in our country
Trade agreements
Having a low supply of a product
Scarcity
What happens when there is a low supply and high demand for a product
Prices increases
Explain why we need to learn about economics
Answers will vary.
Financial effect that an event has on a specific economy
Economic impact