Vocab
Something tangible you buy; food, clothing, cellphone
Good
Traditions and customs determine the production and distribution of goods and services.
Traditional Economy
Define Supply
The amount of a good or service producers are willing and able to make
John Menard opened a new Menards store, and he had to follow government regulations.
Mixed
What is the largest big cat?
Siberian Tiger
Something you pay someone else to do for you; haircut, mechanic
Service
The government determine the production and distribution of goods and services.
Command Economy
Define Demand
The amount of a good or product consumers are willing and able to buy
The community decided that it would be in their best interest to no longer focus on money. Instead, each family in the community was in charge of contributing to the community. The Smith family gathered fruits, the Johnson family hunted and fished, and the Fischer family made clothing.
Traditional
Who was the first woman to fly solo across the Atlantic Ocean?
Amelia Earhart
The person who buys the good or service
Consumer
Consumer and producers determine the production and distribution of goods and services.
Market Economy
What happens to the supply of chocolate chip cookies if the cacao bean starts to go extinct
Supply decreases
The government met to decide what the country should focus on producing. They decided that the country should focus on producing electronics to keep up with the market. The government decided to build a factory and send their resources there.
Command
If you tipped 20% on a $15 bill, how much would the tip be?
$3.00
The person or business who makes the good or service
Producer
A market economy with government regulation.
Mixed Economy
What happens to the demand of sandals in the summer
Jessica saw a need to provide the area she lived in with a clothing shop. The demand for it was high, so she opened multiple shops in the area.
Market
How many time zones are there in Russia?
11
The next best alternative that must be given up when a choice is made
Opportunity Cost
Benefits the consumer by keeping prices down when more than one company provides the same good or service
Competition
What is being affect (supply or demand) AND what happens to the price?
Item: building a house
Event: Wildfires in California and Canada
EXPLAIN
Supply
Need lumber to build houses- the supply of lumber will decrease therefore affecting supply
Cost will also increase
Provide one REAL example of a country or community that practices each economic system:
-Traditional
-Command-
-Market
-Mixed
Varies
What are the Great Lakes?
Lake Huron, Lake Ontario, Lake Michigan, Lake Erie, and Lake Superior