Economics 1
Something that you buy that you can eat, use, or physically touch
Goods
Services
Natural Resources
There is not a lot of cook books left at Barnes and Noble- the supply is _____. So the price may go
Low, up
Not a lot of people want to buy the original Toy Story- the demand is _______.
Low
People who use resources to make goods or provide services. (hint: selling)
Producers/Sellers
People who use/buy services or goods.
Consumers/buyers
Capital resource
There are a lot of markers left on the shelves at Walmart- the supply is_______.
High
Dennis gave a haircut to Troy. What did Dennis provide?
Service
When deciding between two or more goods or services you must make a_________.
Choice
The term used when there is not enough of something to go around.
scarcity
Water, Soil, Coal, and Wood are what type of resource?
Natural
Doctors, Teachers, and Mechanics are examples of what type of resource?
Human Resource
Lea bought a new computer for school. Lea is a _______.
Consumer/Buyer
the amount of goods and services available
Supply
The amount of people that want or need something
demand
This is a resource that provides services or does jobs for people ( hint: teacher, firefighter, mechanic)
Human resource
...income and expenses
The currency that the U.S uses is called ______.
Dollars
A LOT of people want the new iPhone 13- the demand is ______.
High
What do companies often do when supply is low but the demand is high on an item? (i.e a video game that is really popular is really hard to find)
They raise the price!
Mindy spent her 50 dollars on cosmetics instead of clothes. Her opportunity cost was.....
...clothes
Name an example of a service
...
Ciara and Ryan decided to trade his ho ho for chips. What is this called?
Barter