UAB@1
What is economics?
A. The branch of social science concerned with the production, distribution and consumption of goods and services
B. The branch of social science concerned with just money
A: The branch of social science concerned with the production, distribution and consumption of goods and services
Why is economics important?
A. To understand people, businesses, markets and governments
B. To discuss about it
C. To understand the way people interact with each other to create new ideas
A. To understand people, businesses, markets and governments
What is demand?
The amount of consumers who want the gooads
What is supply?
Amount of goods in stock
What happens to the price when supply is high but demand is low?
The price lowers
What happens to the price when supply is low but demand is high?
The price raises
In South Korea, can we set our own prices and run our own companies? (200)
What kind of a economy is it? (200)
- Socialist
- Capitalistic
Yes, it is capitalistic
What does GDP stand for?
1. Gross Domestic Product
2. Greek Domestic Produce
3. Governmental Deposit Production
1. Gross Domestic Product
What is the GDP of a country?
The amount of economic goods and money produced by a country in a given period of time
What is a monopoly?
An example of a monopoly can be companies like Google (hint: Google is the most used browser)
A market structure where one sole company is the only producer of a specific good