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Vocabulary
Vocab Part 2
Vocab Part 3
Vocab Part 4
Real-World Connection
100
The amount of a good or service that producers are willing and able to offer for sale at each possible price during a given period of time
Supply
100
Activities performed by people, firms, or government agencies to satisfy economic wants.
Services
100
Resources made and used to produce and distribute goods and services. (Ex: tools, machinery, buildings)
Capital resources
100
The way a country uses money and resources
Economy
100
What goods and services does a movie theater offer?
Goods- popcorn, soda, candy, tickets, etc. Services- ticket personnel, concession stand personnel, theater cleaner, etc.
200
The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.
Demand
200
People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods or services.
Consumer
200
"Gifts of nature" that can be used to produce goods and services.
Natural resources
200
An economic system where free competition and prices are determined by the interaction of supply and demand.
Market economy
200
List 5 resources that a movie theater must use to produce their product.
1. Productive resources 2. Human resources 3. Capital resources 4. Natural resources 5. Entrepreneurship
300
The amount of money that people pay when they buy a good or service; the amount they receive when they sell a good or service.
Price
300
People and firms that use resources to make goods and services.
Producer
300
The health, education, experience, training, skills, and values of people.
Human resources
300
How does competition encourage producers to produce more of what consumers want and are willing to buy?
When firms compete with each other, consumers get the best possible prices, quantity, and quality of goods and services. Competition among companies can spur the invention of new or better products or efficient processes. Competition can lead companies to invent lower cost manufacturing processes, which can increase their profits and help them compete, which passes the savings onto the consumer.
300
How might the owner of a movie theater figure out how much to charge per ticket?
Competition with other movie theaters. Look into the consumer's demand to see the film.
400
The amount of output (goods and services) produced per unit of input (productive resources) used.
Productivity
400
Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest and dividends.
Income
400
The condition that exists because human wants exceed the capacity of available resources to satisfy those wants; a situation in which a resource has more than one valuable use. This faces all individuals and organizations including firms and government agencies.
Scarcity
400
Give 3 real-world examples of Supply and Demand.
Examples: Uber using Surge prices (less supply of cars on road with a high demand for uber means higher prices for the consumer) Seasonal/Holiday clothing, decorations, items (during the season, higher supply due to higher demand. Items go on sale after holiday to get rid of surplus supply when demand decreases)
400
How might the owner of a movie theater figure out which movies to show and at what times?
Consider the audience seeing the film (the consumer). Ex: children's movies should be played more frequently during the day and during the weekend. Look into the demand of the movies coming out to determine the films with the largest demand of the consumer.
500
One who drives upon his or her skills and initiative to launch a new business venture with the aim of making a profit.
Entrepreneur
500
Name the 5 methods of making goods and services.
1. Productive resources 2. Natural resources 3. Human resources 4. Capital resources 5. Entrepreneurship
500
Decision made or course of action taken when faced with a set of alternatives.
Choice
500
When one company has control over an entire market
Monopoly
500
Most movie theaters have different prices based on the time of day. Why would a movie ticket sold on a weekday cost less than a movie ticket sold in the evening or on the weekend?
Since people are working or in school during the week, the demand is lower than the weekend. To entice the customers to come and spend money, theaters will charge less during the week. This will encourage people to come out and spend money on their goods and services since it is cheaper.