Supply and Demand
The quantity of something that consumers are willing and able to buy
What is Demand
DAILY DOUBLE:
WHOLE TEAM HAS TO ACT LIKE AN ANIMAL OF THEIR CHOICE
That was cringy.
DAILY DOUBLE: China and the U.S. depend on each other for trade and resources. What term does this relationship most closely resemble?
Economic Interdependence.
What is the definition of supply?
the amount of goods producers are willing to make and sell
I ride my bike down the street and come to a ramp. I choose to go over the ramp.
What did I gain?
What is my opportunity cost?
1. Experience and Sick air! Fun!
2. My safety.
What is capitalism? And what is a country that practices capitalism?
an economic system where business and land is privately owned and prices are set by Free Market value
USA, UK, France, etc.
HIGH DEMAND and LOW SUPPLY leads to...
HIGHER PRICES
DAILY DOUBLE: What is the difference between Communism and Socialism?
Government control versus shared control
Equality versus control
What is the definition of scarcity?
Limited quantities of resources to meet unlimited wants
"Not enough to go around"
LOW DEMAND and HIGH SUPPLY leads to...
Lower prices
What is the definition of opportunity cost?
What is given up (time or money) when we purchase a good or service.
What is profit?
The difference between the purchase price and the selling price.
What does it mean when a price reaches equilibirum?
At the point of supply equaling demand
David decides to quit his job and got to school to get further training in a new field he might enjoy more.
What is the gain? What is the opportunity cost?
Gain: He receives training in a new field he might enjoy
Opp Cost: loss of his wages
Mr. Snyder bought a supply of awesomeness for $150 and then he turned around and sold it to his friend for $2,350. What was the profit he made?
$2, 200