If people did not want to buy shoes, there would be no economy for shoes.
What is Principle 1: People want. This is why the economy exists
100
What do you think is the best type of economy and why?
(answers will vary)
100
Coins and dollar bills are examples of these
What is money/currency
100
What is the name of the boy band that Justin Timberlake was a part of before he started his solo career?
What is N*SYNC
100
Any place or system that allows buyers and sellers to exchange goods and services.
What is market (place)
200
If one week it is the cool thing to do in 6th grade to gel your hair, there is a higher demand for gel and the prices go up. The next week when it is no longer cool, the demand and the price go down.
What is Principle 4: Supply and demand=price
200
If your grandfather and father were both doctors, you will be a doctor
What is Traditional Economy
200
The way a society organizes to produce, distribute and consume goods and services.
What is Economic System
200
What is the name of Jasmine's pet tiger in the movie Aladdin?
What is Rajah
200
Tools and buildings are examples of what type of resources?
What is capital resources
300
In the United States we rely on people to do their job so that we can focus on ours.
What is Principle 3: Economics requires that we rely on all people.
300
When economic decisions are made by the people or the businesses involved and there is no government regulation
What is market economy
300
The amount of a resource, good or service sellers are willing to sell at possible prices.
What is supply
300
What is the name of Prim Everdeen's cat in The Hunger Games?
What is Buttercup
300
What type of economic system is a democratic government more likely going to have?
What is mixed economy
400
If a country has an authoritarian government, which type of economy would they have?
What is command economy
400
Cuba's government makes economic decisions for its people
What is command economy
400
A helpful activity
What is a service
400
Who was the musical headliner at the 2013 Superbowl?
Who is Beyonce
400
One year Apple made way more iPhones that they could sell, what would happen to prices in this circumstance?
What is prices would drop (Principle 4)
500
In Cuba there is a command economy where the government makes decisions for the people. In the United States there is a mixed economy where the government and the people work together.
What is Principle 5: Economic systems organize how people work with each other.
500
The United States is a democracy, therefore the government and the individuals/businesses work together to make decisions about the economy.
What is mixed economy
500
The worth of a good or a service that is determined by the total cost of economic resources that went in to producing and providing that good or service
What is value
500
In one of her first top songs, what are Taylor Swift's teardrops on?
What is her guitar
500
What is the term we learned that helps explain Principle 2: you can't always get what you want?