Terms
What is the definition of a monopoly?
Complete ownership or control of the entire supply of goods or services.
What is something that is in high demand?
Hand sanitizer, toilet paper, etc.
What is income?
Money you make/recieve.
Name that class activity that displayed competition
Market Day
These societies formed where rainfall/ good soil conditions where to produce crops
Horticultural
What is the definition of a want?
Something that is desired. (NOT necessary to survive)
What is an example of something you could save for?
Largest bottle of ketchup ever, puppy, new shoes, car, etc.
What does it mean to 'buy with credit'?
To purchase we the intent, or promise, to pay later
What are the two economic simulations we did together?
Market Day and Auction Day
This society is an example of what society we are living in today in the US...
Post-industrial
What is a natural resource?
Anything found in nature that can be used by living things.
What is an example of choice you have at the grocery store?
Cereal, candy, cheeses, etc.
Define budget
a plan for using money; saving money for specific things
Name a term that we saw during Auction Day
This society has the strongest reliance on the environment to survive
Hunting and gathering
Who gets the product that is being produced or supplied.
What is an example of a producer?
Farmer, ketchup maker, etc.
Define shortage
When the amount needed, is more than what is available.
Name a term we saw on market day
Need, Want, Supplier, Producer, Consumer, Competition, Choice, Monopoly
This society relied on tools for survival.
Agricultural
What is a producer cycle?
A producer cycle shows the flow of services or goods through several different people.
Who is the supplier of Ms. Novotny's ketchup?
(You may also give me an example of another supplier)
Heinz Ketchup
Define surplus
When the amount available, is more than what is needed.
Auction Day
This society relied on land ownership for survival. (Think medieval Europe)
Feudal