Basic Economics
People who combine natural, human and/or capital resources to make goods or provide services
What are producers?
The quantity of a product producers are willing to provide at a particular price.
What is supply?
An itemized list of predicted income and expenses over a period of time.
What is a budget?
Moral principles that govern a person's behavior or the conducting of an activity.
What are ethics?
In Marvel, this character wields a hammer named Mjolnir.
Who is Thor?
People who buy and use goods and services
What are consumers?
The willingness and ability to purchase goods and services for a particular price.
What is demand?
Things that you must have to live.
What are needs?
Voluntary action for the public good.
What is Philanthropy?
Mario's loyal brother who wears green?
Who is Luigi?
When two or more businesses try to win over a customer to buy their product or service.
What is competition?
When the demand is greater than available resources.
What is scarcity?
Everything you would like to have.
What are wants?
There are approximately 1.8 of these.
What are nonprofits?
This Jamaican sprinter is considered the fastest man in history.
Who is Usain Bolt?
Revenue from goods and services.
What is income?
The higher the price of a product, the lower the quantity demanded; the lower the price, the higher the quantity demanded.
What is Law of Demand?
The chance to lose money.
Commonly seen as innovators, a source of new ideas, goods, and services.
What are entrepreneurs?
This purple dinosaur taught kids about love and friendship.
Who is Barney?
The idea that people can invest in a business in order to earn a profit.
What is free enterprise?
When prices are low, the quantity supplied is low, and when prices are high, the quantity supplied is high.
What is Law of Supply?
Spending for the production and accumulation of capital resources, or using money to make more money.
What is investing?
Revenue minus expenses.
What is profit?
This British author created a wizarding world and introduced readers to Hogwarts in 1997.
Who is J.K. Rowling?