Vocabulary
To depend or rely on one another
interdependence
Give 2 examples of needs.
Food, shelter, water, clothing, etc.
Which system is controlled completely by the government?
Command
What doe we call a person who is needed to do a job?
Give an example.
Human resource.
Ex: cleaners, waiters, farmers, etc.
What is supply?
The amount of a good that is available
Exchanging goods or services
Trade
Give 3 examples of wants
Xbox, Nike shoes, McDonalds, etc.
Which system is based on tradition?
Traditional
What type of resource comes from nature?
Give an example
Natural resource.
Ex: wood, milk, rubber, etc.
What is demand?
How many people want to buy the product.
To limit one's attention or energy to one business or job (think of your special area teachers)
Specialization
What is the difference between a need and a want?
A need is something you need to survive.
A want would just make your life better.
Which system gives producers the most freedom (with just a little regulation from the government).
Market Economy
What do we call tools or equipment needed to do a job?
Give an example.
Capital goods
Ex: forks, plates, tractors, books
What is scarcity? Give an example.
When there is not enough of something to meet the demand.
An order from the government restricting trade
embargo
To bring in goods from another country
Import
Which system gives producers the ability to make the most money?
Market economy
Give an example of an industry that relies on wood.
When supply goes up but there is low demand, what will store owners do to their prices?
The prices will lower or decrease.
What is the difference between import and export?
Import means you're bringing goods INTO a country.
Export means you're sending goods somewhere else (they're EXITing the country)
To focus on producing a unique good or service, instead of many.
specialization
(Think of your special area teachers. Ms. Strazza specializes in art, Mrs. Smith specializes in PE, Ms. Ballou specializes in music.)
Choose a country or community and tell which system it uses.
USA-market
China, Cuba, North Korea-Command
Native Americans, Amish, Inuet - Traditional
Give an example of an industry that relies on rubber.
Pencils and office supplies
Tires
Sneakers/shoes
When supply is low and demand is high, stores will ____________ (increase or decrease) the price of the item.
Increase