Supply and Demand
The quantity of something that consumers are willing and able to buy
What is Demand
What is the economic term for the difference between the price I sell an item for minus the purchase price?
What is profit?
DAILY DOUBLE:
WHOLE TEAM HAS TO ACT LIKE AN ANIMAL OF THEIR CHOICE
That was cringy.
What would happen to the supply and demand of tank tops (suns out, guns out) during mid-July?
The demand would increase, and the supply would either stay the same or decrease.
How many inches are in a yard?
36!
What is the definition of supply?
the amount of goods producers are willing to make and sell
DAILY DOUBLE:
What is the definition of specialization?
And what is one positive of choosing to specialize?
A country choosing to export/sell only one good. Efficient use of natural resources.
I ride my bike down the street and come to a ramp. I choose to go over the ramp.
What did I gain?
What is my opportunity cost?
1. Sick air! Fun! New experience.
2. My safety.
What is capitalism? And what is a country that practices capitalism?
an economic system where business and land is privately owned and prices are set by Free Market value
USA, UK, France, etc.
Who is the best-selling solo musician of all time?
Elvis Presley
HIGH DEMAND and LOW SUPPLY leads to...
HIGHER PRICES / Shortages
What is the difference between a Developed country and a Developing country?
Developed - a wealthy country with an advanced economy (diversify)
Developing - a poorer country with a less developed economy (specialize)
What is the difference between Communism and Capitalism?
Private ownership versus government control
What is the definition of import?
Something a country brings into their own country from another country.
What is the largest country in South America?
Brazil!
LOW DEMAND and HIGH SUPPLY leads to...
Low prices / surpluses
DAILY DOUBLE:
Why would a country choose to diversify its exports?
What is an example of diversification?
To prevent the collapse of their economy by focusing on many products.
The United States exports many things to other places.
What is the definition of opportunity cost?
What is given up (time or money) when we purchase a good or service.
What is a need versus want?
Need - necessary to survive
Want - make life better but not needed
What is the largest state in the United States? What is the capital of that state?
Alaska
Juneau
What does it mean when a price reaches equilibirum?
At the point of supply equaling demand
1. What is scarcity?
2. Give me an example using Boxcars!
Scarcity - the economics problem of unlimited wants/needs in a world of limited resources
Ex: I want to buy ALL the iron I can but the city I am in may not have it.
David decides to quit his job and go to school to get further training in a new field he might enjoy more.
What is the gain? What is the opportunity cost?
Gain: He receives training in a new field he might enjoy
Opp Cost: loss of his wages/job
Mr. Snyder bought a supply of awesomeness (even though he doesn't need it) for $150 and then he turned around and sold it to his friend for $2,350. What was the profit he made?
$2,200
Ohio is known for producing astronauts - name TWO famous astronauts from the state of Ohio.
Neil Armstrong and John Glenn