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Vocab 1
Vocab 2
Buyers and Sellers
Supply and Demand
Random Economics
100

Tangible objects that can be bought or sold

What are goods?

100

An economic system in which prices and wages are determined by competition between businesses

What is free market?

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

Intangible actions done by people

What is a service?
200

A shortage in the market

What is a 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 pair of scissors is a what for a hairdresser?

What is capital?

300

Someone who risks starting a business

What is an entrepreneur?

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 system of how goods and services are produced and distributed

What is the economy?

400

All manmade objects and money needed to make products or perform services

What is capital?

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 surplus in the market

Answers will vary as long as they are correctly identified it's correct.

500

Price point where supply and demand intersect

What is market equilibrium?

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