Supply
define supply
The amount of goods and services that producers will provide at various prices
define want
Something that you could find pleasure in without it being an absolute necessity
what is a shortage
when you don't have enough of a product
define demand
The amount or quantity of goods and services that consumers are willing to buy at various prices
define factors of production
all components necessary to produce a society's goods/services
when price is up __ is up
supply
define need
Something that is a necessity for everyday life
the study of how we use limited resources to fulfill the unlimited needs and wants
when demand goes up, price goes....
down
knowledge, efforts, and skills people bring to their work, also called labor
when supply is down, price goes ___
down
What is this list?
apple pen
ipad
xbox
computer
designer clothes
expensive phone
racecar
wants
what is it called when you don't have enough natural resources
scarcity
define the traditional economic system
tradition and custom govern decisions, found in rural underdeveloped countries, choices are determined by environment
word for having too much supply
surplus
what are these?
water
shelter
food
clothes
shoes
any phone
air
transportation?
needs
what is the law of demand
if the price goes up demand goes down, or if the price goes down the demand goes up
define private wants
something you as an individual want
define equilibrium
what happens when supply goes down?
price goes down
is a phone a want or a need?
any phone is a need, but the new improved and expensive one is a want
if i went to the store and was going to get fruity pebbles, but got cheerios for cheaper, what is this called?
opportunity cost
what is a public need
places like supermarkets, bathrooms, hospitals, schools, etc.
entrepreneurial resources
the initiative to improve goods and services to create new ones