Trading for Needs and Wants
Using Money
Free Trade
The Amount of a Product
100
Something a person must have to live.
What is a need?
100
Today most countries use ______bills for money.
What is paper?
100
What you give up when you choose one thing over another.
What is opportunity cost?
100
The amount of an item that the SELLERS are willing to offer at different prices.
What is supply?
200
Food, clothing, and shelter are examples of a person's _____________.
What is a need?
200
Most countries around the world use ________coins as money.
What is metal?
200
Today ____________ help our economy. They help us to send and receive information quickly. They also help us buy products.
What is a computer?
200
The amount of an item that CONSUMERS are willing to buy at different prices.
What is demand?
300
Something a person would like to have but can live without.
What is a want?
300
People who make products to sell are called.
What is a producer?
300
The money that a business has left over after the costs are paid.
What is a profit?
300
The _____________ goes up when businesses make more of an item than people want.
What is supply?
400
To trade one kind of good or service or another.
What is barter?
400
A person who buys goods or services is called.
What is a consumer?
400
A system in which businesses have the right to make any goods or provide any service they want.
What is free enterprise system?
400
Business owners will usually lower the ________of an item when many people want it.
What is lower?
500
Shells are an example of objects that people began to for ____________.
What is money?
500
In the United States, ____________ can set the prices for the things that they want to sell.
What is a producer?
500
The resources of a place and how the resources are managed.
What is economy?
500
When businesses make too little of an item that MANY people want. Then the supply is low and the __________ is high.
What is high?
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