Supply
Definition of supply
The amount of goods and services that producers will provide at various prices
Definition of Demand
The amount or quantity of goods and services that consumers are willing to buy at various prices
Definition of need
Something that is a necessity for everyday life
all components necessary to produce a society's goods/services
Definition of scarcity
the shortage of economic resources
demand > supply
When supply is up price is ___?
UP!
When demand is up, price is ___?
Down?
Definition of wants
Something that you could find pleasure in without it being an absolute necessity
What are the two types of Natural Resources?
Renewable and nonrenewable
Definition of surplus
Supply > demand
When supply goes down, price goes ___?
down or idk
When demand goes down, price goes ___?
UP like the movie?
What is more important to focus on, want or need?
Need!
Human resources definition
Knowledge, efforts, and skills people bring to their work, also called labor
definition of economics
the study of how society chooses to use resources to produce and distribute goods and resources
When price goes up, the supply goes __?
Up for sure!
When price goes up, demand goes ___?
down to the ground!
p.s. that was a tuffhy
What is this list?
Scooby doo
Magic school bus
sponge bob
alvin from alvin and the chipmunks
courage the cowardly dog
Bluey from blue's clues
bart Simpson
Peter Griffin
These are wants
capital resource definition
things used to produce goods/services, like buildings, materials and equipment
What happens when the supply curve and the demand curve intersect?
equilibrium
When price goes down, supply does what exactly?
Supply goes down!
When price is down, demand is __?
Up
Woo hoo!
Name 15 from this list:
Safety
Affection
Sleep
Body needs
Health care
Clothing
Love
Significance
Food
Security
Water
Connection
Support
Companionship
More responsibility of self
Social relation
Good job! - Remember this for the test!
Entrepreneurial Resources definition
The initiative to improve goods and services or create new ones
Name all types of economies and their definitions
Traditional: Tradition and customs govern decisions
Command: System in which a central authority such as the state makes the key economic decisions
Market: System in which economic decisions are made in the marketplace according to the laws of supply and demand
Mixed: Combination of a market & command economy