A tangible item (something you can touch) that is bought and sold.
What is a good.
100
The things that humans must have in order to live. (water, food, shelter, etc.)
What are needs.
100
The second best choice or alternative. The thing you must give up is your...
What is opportunity cost.
100
The amount of a good or service that sellers are willing and able to provide for a given time.
What is supply.
200
Help given by a person with special training in exchange for money.
What is a service.
200
The things humans desire to have that make their lives easier, but can really live without.
What are wants.
200
An economic situation in which there are not enough of a good or service to meet the consumers' economic wants. A situation in which wants exceed resources.
What is scarcity.
200
The amount of a good or service that buyers are willing and able to purchase during a given time.
What is demand.
300
People who purchase and use goods and services.
What are consumers.
300
The people who create or organize a good or service.
What are producers.
300
Natural resources needed to make a good or provide a service.
What is land
300
Describe a situation where someone may be a producer, and a consumer at the same time.
A business must buy the supplies for cookies before they bake and sell the cookies for money.
400
Human resources needed to make a product or provide a service.
What is labor.
400
The amount of money a business has left after paying expenses.
What is profit.
400
The amount of money needed to make and sell a good.
What is cost of production.
400
The supply for Halloween costumes would be ______ a week before Halloween, and the cost for costumes would be ______
Supply would be LOW
Cost would be HIGH
500
Someone who takes risks to develop a new product or start a new business.
What is an entrepreneur.
500
An economic situation where 2 or more businesses are providing the same product or service.
What is competition
500
A production process when a worker or group of workers is assigned a specialized task to increase efficiency.
What is division of labor.
500
What happens to the price of candy after Valentine's Day? Explain why using the terms SUPPLY and DEMAND.
The price would go down.
This is because the supply would be high, and the demand would be low.