Economic Systems
Supply and Demand
Budget
Stock Market
100
What is a market economy?
Market economy is an economy where supply and demand set the prices, and the government does not own resources or businesses.
People compete with each other for money and jobs
Freedom is very important
100
What are things that would increase demand for a good/service?
-Decrease in price
-Becomes really popular
-Goes viral on tiktok
-new health trend
-Supply increases so price goes down
- Celebrity endorses it
-New ad campaign
100
What is a budget?
A plan on how you will spend your money, based on your expenses and your income and how much you want to save
100
What is a stock?
A piece of a company- you invest in the company and own a small part of it, and can make money from it if the value of the company goes up
200
In what kind of economy does the government have the most control / influence?
Command Economy
200
What are things that would lead to a decrease in supply of a good/service?
Price of materials go up
Labor costs go up
Worker strike
Price goes down
Dangerous to make
New government rules make it more expensive to make
200
How much would you have in savings if you had:
6000 baht in rent
300 baht electricity bill
4000 baht for food
2000 baht worth of gas
…in expenses each month, with a monthly income of 25000 baht?
12,700 baht
200
True or false: Investing is the same as gambling
False- but you should still be careful and smart!
300
Supply and demand are what set the prices in a __________ economy.
Market economy
300
Which side would show the price in a supply and demand graph?
300
Make a list of common expenses, with 3 needs and 3 wants.
Needs: food, shelter, medicine, basic clothes, water...
Wants: fancy clothes, cars, watches, entertainment, video games...
300
What would make a business a good investment?
The company shows that it is growing, or always making money. If you like the business plan. If you think demand will go up, or the business can supply for less money. Stock prices are rising.
400
True or false: In a command economy, there would be more public industries, and fewer private industries, than in a mixed economy.
True
400
Which of these would NOT change demand for water?
The Songkran festival
The weather gets really hot
The price goes down
Supply of apples goes up
400
What are expenses?
The things you have to spend money on as a part of life- rent, water, electiricity, food, clothes, entertainment, education, transportation, etc.
400
What are things that would make a stock price go up?
-Company starts to do well
-More demand
-Cheaper supply
-Economy is doing well
-Government gives support
500
What economic system does Thailand have?
Mixed economy
500
What is an equilibrium price? Why do we try to find it?
An equilibrium price is the price where the quantity demanded and the quantity supplied are the same. We try to find it so that both suppliers and consumers are happy with the price without waste.
500
In Thailand, what are some things that are a part of the government’s role in the economy?
- Providing for the poor
- Regulating the economy, businesses, the stock market, etc.
- Providing safe roads, schools, museums, military...
500
What are things that would make stock prices go down?
-Bad news about the company
-Company is not doing well
-Demand decreases
-Supply costs increase
-Government regulations make it more expensive