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Vocabulary
Buyers and Sellers
Supply and Demand
Random Economics
100

What are the three types of resources?

Capital, Human, and Natural

100

Making, buying, or selling something that people need or want

What is economics?

100
Who is a buyer?
The person that buys goods and services.
100
Are supply and demand attached to each other?
Yes
100
Give me one example of a good?
Answers will vary as longs as it's a good it's correct.
200
Air is what type of Resource?
Natural
200

Lack of resources

What is scarcity?

200
Who is a seller?
The person that sells goods to buyers.
200
If the price of something is too high what will happen to Supply?
Will go up because people are not buying the product.
200
Give me one example of a service
Answers will vary as long as it's a service it's correct.
300
A tractor is what type of resource?
Capital
300

A person or countries focus on one product or service

What is specialization?

300
When a person walks into a store and buys something they are what?
A buyer
300
If something is really popular what will happen to the demand?
Will go up because everybody will want the product.
300
Does economics involve money all the time?
No.
400
A cook in a restaurant is what type of resource?
Human
400

When two people, companies, or countries depend on each other to be successful

What is interdependence?

400

A person that makes and sells cookies is a what?

Seller

400
What happens to supply and demand if there is a really good sale?
The supply will go down and the Demand will go up.
400
Give me one example of economics in actions that you have seen today?
Answers will vary.
500
Give me an example of a human, natural, and capital resource
Answers will vary as long as they are correctly identified it's correct.
500

Tim has a lemonade stand. By producing the lemonade, Tim is providing this

What is a service?

500
Give me one example of a buyer and seller in the same store.
Answers will vary as long as the buyer buys something and the seller sells it it's correct.
500
What will happen to supply and demand if they raise the price of a product to make it really expensive?
The supply will go up and the demand will go down.
500
Give me an example of a want and a need?
Answers will vary