GDP
What does GDP stand for?
Gross Domestic Product
What is the definition of Supply and Demand
Supply is the total amount of goods and services
Demand is the amount of people who want a good or service
What is a Consumer?
Anyone who buys a good or a service
Opportunity Cost is just another way of saying what
The choices you make
What is the definition of GDP
The total value of everything sold in a country in one year
What happens to the price of a good if the supply is higher than the demand
Price would fall
What is Government Spending
The money the government uses to pay for Public Services
What are the two things of value that we decide between when making a choice
Time and Money
If the GDP of the United States has gone up in 2025. We can say that the economy is doing what?
The economy is growing
Give an example on how you could raise the demand for a good or service
Lower Prices, Discounts, Advertisements,etc
Regulations are another rule for _______ that are put on producers to keep consumers safe.
Rules
You spend money on a service to save time
GDP is used to tell us if the _______ is growing or shrinking
The health of the economy
What is Scarcity?
Not enough supply to meet demand
What is one way the Consumer relies on the Government
Infrastructure, Food Safety, Law Enforcement(Public Services)
If you decide to go on vacation with your family instead of playing in your basketball teams state semi-finals game. What is your Opportunity Cost?
Missing out on playing with your team
What is one of the 4 parts of spending that goes into GDP
Consumer Spending, Government Spending, Investments, or Net Exports
What is the Law of Supply and Demand
The relationship between Supply and Demand and how they work opposite of each other.(One rises while the other falls)
What is Consumerism
The idea that you need to keep buying goods in order to feel happy
Opportunity Cost helps us understand what important thing about choice
Every choice has a cost