Dennis Questions
What is the definition of Economy
A the system of production, distribution, and consumption of goods and services
What is the definition of goods?
Physical items or products that are bought and sold
What is the definition of produce/production?
To make goods, and the process of creating goods
What happens to the price of a product when demand is high and supply is low?
The price increases
What is the definition of Economics
The study of how societies manage scarce resources to produce, distribute, and consume goods and services.
Who is the producer in Economics?
An entity (individual or organization) that creates or provides goods or services
What is the definition of sell/sale?
To exchange goods for money/ the act of exchanging goods for money
This large country is the world's leading producer of bananas.
What is India?
What is the definition of supply
The amount of goods and services that producers are able and willing to sell.
Who is the consumer in Economics?
An individual or household that purchases goods and services for personal use, not for business or resale
What is the supply and demand curve?
The relationship between price and quantity in supply and demand
(Shown on a graph)
This everyday condiment found in almost every restaurant through out the U.S. was first sold as a medicine.
What is ketchup?
What is the definition of demand?
The desire to buy a good or service.
What is a surplus in Economics?
A situation where the supply of a good or service exceeds its demand.
When does a shortage occur in Economics?
A shortage occurs when the demand for a good or service exceeds its supply at the current market price.
When the price at which demand and supply are equal, what is that called?
Equilibrium Price
What is the definition of price?
The amount of money needed for the sale of an item or service
What does services mean in Economics?
An intangible benefit or activity offered for value without the consumer acquiring ownership of any physical commodity.
What is the definition of Consumption in Economics?
The final purchase and use of goods and services by individuals to satisfy their needs and wants
The flow of money from producer to consumer back to producer as a diagram is known as?
The circular flow model.