Prices Go Up,
Prices Go Down
Prices Go Down
If the demand for a product goes up, what happens to the price?
An economy where people barter and trade is called
Traditional
When a country produces what it is best suited to produce based on its resources, it is called
Specialization
I sell landscape rocks. I just ordered TONS, but a new gardening show has got everyone decorating with gnomes. What will happen to the price of my rock and why?
The price will drop due to less demand
Who are the two candidates running for Vice President?
Tim Walz
J.D. Vance
There is a drought in an area that is the main producer and distributor of blueberries exported to the US. What happens to the price of blueberries?
The price goes up!
A type of economy where the government answers all three economic questions is called
Command
Factories, Machinery, and other means of production are called
Capital Goods
If the literacy rate is high in a country, what happens to its GDP and standard of living?
It increases the GDP and the standard of living.
What month and day is the Presidential election this year?
November 5th (Tuesday)
The market is flooded with a product because of its popularity and it can be purchased ANYWHERE. What happens to the price of this product?
It goes down!
A type of economy where consumers and producers answer the three economic questions is called
Market
Skilled workers and laborers are factors of production and referred to as
Human Capital
You are a student council and discussing a fundraiser for PCMS. It is suggested that you sell candy or glow sticks. The decision is to sell candy, what is the benefit lost from not selling glow sticks called?
The opportunity cost
How many electoral votes does Georgia have?
16
When there is little demand for a product, what happens to the price?
It goes down.
What are the three economic questions?
What to produce?
How to produce?
For Whom to produce?
A trade barrier that limits the amount of a product that can enter a country is called
quota
What are the 4 factors of production?
Human Capital
Capital Goods
Natural Resources
Entrepreneurship
Who is the Governor of Georgia?
Brian Kemp
Prices depend on two economic factors. What are they?
Supply and Demand
An economy that is a mixture of market and command is called___________
Give an example
A Mixed Economy
Example: United States
The creation of new businesses as a factor of production is called
Entrepreneurship
If I need sugar to make cupcakes for my bakery in Blackshear, Georgia and there is a drought in the area that grows sugar cane creating a decrease in the sugar supply, what will happen to the price of sugar AND what is the lack in sugar called?
It will increase AND it is called scarcity
Who represents Pierce County in the United States House of Representatives?
Buddy Carter