Definitions
Scarcity
Unable to satisfy unlimited wants and limited means
What is the law of demand?
As the price of a good increases, its demande decreases. And vice-versa.
What is a potential bartering issue with a barista at a coffee shop?
Non divisible, double-coincidence of wants, value of exchange
Explain the difference between commodity money and fiat money. Give an example for each.
Intrinsic value vs. value given by society. Ex. gold vs. cash
Where am I from?
Economic choice
The selection we make from a range of alternatives, using our limited means, to satisfy needs and wants.
What are 2 of the 5 issues with bartering?
Double coincidence of wants, perishable, not divisible, difficult to transport, agree on exchange rates.
If the price of the substitute product increases, what happens to the demand of the original product? Give an example.
It increases.
What is the difference between demand and a want?
Demand is the amount (quantity) of a good a consumer is willing and able to buy at a range of prices. Want is a desire.
What is my first name?
Sophie
Explain and give me an example of opportunity cost.
What is missed out on (the value of the second best option) - ex (variable)
What are the 3 types of resources?
Natural (land), human (labour), capital ($$$$)
How would you label a price change on a demand curve?
P1 and P2 (with arrow)
What is the difference between individual demand and market demand?
Quantity an individual is willing and able to purchase vs. horizontal sum of individual demanded quantities in a market.
How many provinces does Canada have?
10
Define economics:
The study of how people, businesses and groups use their limited means to try and satisfy their unlimited needs and wants.
What does NoTics stand for (when we use it and what each letter means)?
Non price-factors affecting demand. Number of consumers, Tastes/preferences, income, price of complements, price of substitutes.
FOTM: Complete a demand curve for the following data (on board).
variable
What is the difference between a normal good and an inferior good? Provide an example for each.
What is my hometown known for?
Big Nickel
Define Koha
the practice of giving a gift where the recipient has neither asked nor expects to receive it
What are the 5 stages of the Maslow pyramid?
Physiological, safety, belonging, esteem, self-actualisation
What is my first name?
Sophie
What other class to I teachT?
French
What group do I help out with at AGS?
Theatre Sports