Supply and Demand
Types of Economies
Resources
Taxes
Vocabulary
100
Supply or Demand
the amount of goods available
supply
100
What kind of economy does the U.S. currently have?
Mixed Economy
100
What is the human resource in this picture?
The man cutting the hair
100
Who do we pay taxes to?
The U.S. government
100
Things depend on one another.
Interdependence
200
Supply or Demand
how badly people want a good or service.
Demand
200
A combination of market economy where people have say and command economy where government regulates businesses.
Mixed economy
200
What is the capital resource in this picture?
icing bag, tray, utensils, sifters
200
Give an example of something that taxes pay for
Roads
Schools
Healthcare
Military
Police
200
Not having enough resources for everyone.
Scarcity
300
When supply increases. demand __________
decreases
300
Government controls economy
Command Economy
300
People who work to produce a good or service.
Human Resource
300
What does this describe?
In a state where the sales tax rate is six percent, the sales tax on a $10 book is 60 cents. The cost of the book to the consumer, after tax, is $10.60.
Sales Tax
300
The uncertainty of losing or gaining money in an investment decision.
Risk
400
Random question:
What is the difference between a good and a service
Good: tangible item
Service: a helpful act
400
Community Based Economy -heavily reliant on interdependence. - Native Americans used this type of economy
Traditional Economy
400
Materials found in nature that people use to support life and meet their needs.
Natural Resource
400
taxes on things like cars and houses
property tax
400
Money or benefits lost by not selecting a particular option during the decision-making process.
Opportunity Cost
500
If your town's only ice cream shop sells scoops for $5 each, and a new school opens with 200 students who all want to buy ice cream. The ice cream shop raises the price to $7. The ice cream shop needed to increase the materials to make the ice cream.
If your town's only ice cream shop sells scoops for $5 each, and a new school opens with 200 students who all want to buy ice cream. The ice cream shop raises the price to $7. The ice cream shop needed to increase the materials to make the ice cream.
500
Economy where supply and demand determine production
Market Economy
500
Money to start a new business, tools, buildings, machinery, and any other goods people make to produce goods and provide services.
Capital Resource
500
People pay taxes on their earned income, or money they make through their jobs, and their unearned income, or money from their investments (also called capital gains).
Income tax
500
The way total output, income, or wealth is distributed among individuals or among the factors of production
Distribution