Show:
Wants and Needs
Opportunity Cost and Ohio Resources
Goods and Services
Factors of Production
Supply and Demand
100
Something you would like to have, but can live without
What is wants
100
whatever you do not choose
What is opportunity cost
100
Products that are made, bought and sold
What are goods BONUS 100 if you can give an example
100
When you use things that are already made to make something else.
What is capital goods
100
If there is limited supply, and the demand for the item is high what will the company do to the price of the item?
The company will charge a lot of money for the product because they know that people will be willing to pay more for it since there is a limited supply.
200
Something that you need in order to survive.
What is needs
200
You chose a banana over a cookie. What is your opportunity cost?
What is the cookie
200
Things people do for other people; can't touch
What are services. BONUS 100 if you can give an example
200
Is owning and running a business
What is entrepreneurship
200
A company has several boxes of old hats. They just recived a huge shipment of the new hats which are in high demand. What will the company do to sell the old hats?
The company will lower the price of the old hats hoping that more people will buy them at a lower price.
300
An example of this is air
What is a need
300
Owned a rubber company
Who is B.F. Goodrich
300
A teacher is an example of a
Service
300
The work that people do
What is labor
300
If there are a few donut shops in Haskins, why do the companies have to be careful about their pricing?
If they price it too high they will lose business. So they have to keep an eye on the competition to make sure they stay around the same price.
400
An example of this is an Xbox
What is a want
400
Roads, railroads and waterways were important in Ohio because
They helped move resources around the state and beyond!
400
A police officer is a
Service
400
Anything that comes from nature
What is land
400
If the demand is high, the supply of the product is usually
Low. Since the demand is high many people want the item and will buy it. So the supply will be low because people will buy it often.
500
List at least 3 needs
What is water, food, shelter, clothing, air
500
DOUBLE: List Ohio's three largest industries are and the natural energy resources found in Ohio.
What is steel, rubber and oil (largest industries) coal, natural gas and oil (natural resources)
500
A cell phone is a
good
500
DOUBLE give one example for each of the four factors of production
land- timber, coal, iron ore, salt, soil, seeds, sun, plants labor- teachers, barbers, doctors, carpentars capital- building, machines, trucks, computers, hammer Entrepreneurship- Smuckers, Bob Evans
500
A video game was popular last month and the demand has gone down since a new video game has come out. The company has a large supply of the old video game. What will they do to the price of the old video game?
Lower the price, hoping that the demand will rise and people will be willing to buy it at the lower price