Supply & Demand
Supply and demand's law
The price of goods and services will go up if demand is high and the supply is low but if the demand is low and supply is high the price will go down
Traditional economy
Jobs are passed down from parents to their children and change is fear
Services
Jobs that people do for other people in return for pay
Russia's economic system
More command-leaning compared to Germany and UKs economy
What does Mr Haynes say if you come in and you cam is off?
AIN'T NOTHING CHANGE BUT THE DATE TURN YO CAMERA ON
Supply
The amount of goods and services that are available
Free Market(Think of FREE ENTERPRISE OR CAPITALISM)
Economic questions are answered by individual buyers AND sellers and there is NO government involved
Goods
Materials that are produced for people to buy, Usually things that can be seen or touched
Domestic
Term which refers to the products of services originating in ones own country; it is the opposite of foreign
Is mr Haynes mean or nice?
NICE as ALWAYS
Demand
How much people are willing to pay for a good or service
Command
The government answers the basic economic question and the Government is in control(Communist)
Bartering
Exchanging goods and services without using THAT MOOLA
GDP
Estimated total value of all the final goods and services produced in a nation in 1 year
Who is Mr Haynes FAVORITE student?
ME OF COURSE
Mixed
A Mix of both Free market and Command and Both the government and people/business are in control
Profit
Money that is made after bills have been payed
UK economic system
Mostly Market-lean
Who is His fave teacher?
HIMSELF OF COURSE
3 economic questions
WHAT, HOW, and for WHOM to produce?
Germany's economic system
Slightly less market-leaning than UK
Who is mr Haynes LEAST favorite student?
Vineyard XD