Goods and services
What is it called when someone cuts their
Service
If a toy is popular and everyone wants one (High Demand), but the store only has three left (Low Supply), the price will likely do this.
Go up (increase).
This economic word means there is not enough of a resource to satisfy everyone’s wants.
Scarcity
This word describes how people and states depend on each other for goods and services.
Interdependence
This is an example of a good provided by the government, such as a park, library, or road.
Public good
What is it called when a business is owned by an individual and not the government.
Private Enterprise
This occurs when a store has too many items that are not selling.
They will lower the price or have a sale.
You have $1.00. You want a candy bar and gum, but can only afford one. You choose the candy. The gum is your ________.
Opportunity Cost
When Ohio farmers trade wheat to Florida farmers for oranges, they are practicing this.
Trading/Interdependence
Name one place in your community that is NOT a public good (a private business).
Walmart/gas station/small business etc.
True or False: Specialization is when a business focuses on doing one thing really well, like a bakery that only makes cupcakes.
True
When it goes from one seller to five sellers, what happened to the price of pencils?
The price went down.
True or False: If there was NO scarcity (you had all the money and time in the world), you would still have an opportunity cost.
False
This term means to send goods OUT to another state or country to sell.
Export
This is the money the government collects from citizens to pay for public goods.
Taxes
These are physical objects you can touch and buy, like a pencil or a bag of apples.
Goods
What is it caled when a store has too many items that are not selling?
Surplus?
"Opportunity Cost" is always the ______-best alternative you give up.
Next
This term means to bring goods IN from another place to buy them.
Import
Give one main reason why we pay taxes.
To pay for things the whole community needs (public goods/services)
This term describes a person who starts their own business or enterprise.
Entrepreneur
If demand for a product is very LOW but the supply is very HIGH, what happens to the price?
The price will go down.
If a school has 500 students but only 10 swings on the playground, the swings are considered this type of resource.
Scarce
Why can’t Ohio only survive on what we grow here?
Our climate only allows for limited resources to be grown/made.
There are two main ways the government collects tax money: one is taken from the money you earn at a job (income tax) what is the other type of tax called?
Sales tax