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Vocabulary
Show me the Money!
$$$$$$$$$
What's the Sitch?
High or Low?
More Vocab
100
A person or buisness who makes or sells goods/or services for others to buy?
What is a producer
100
Another word for trading
What is barter
100
The government tells a baker how much bread to bake and how much to sell it for. This is an example of this type of economy.
What is the command economy
100
Supply is high, demand is low, price is this
What is low
100
When a person or company focuses on one job and can become an expert
What is specialization
200
Something that you must have to survive
What is need
200
When the usual price of goods and services rise it is called this.
What is inflation
200
You have $15 to spend in a store. You can't decide between a history book or a video game. You choose the history book. The video game is this.
What is opportunity cost
200
Supply is low, demand is high, price is
What is high
200
When you break apart work into different jobs
What is division of labor
300
Something that you would like to have, but can live without
What is a want
300
A person who risks time and money to start a busniness
What is entrepreneur
300
If there is a lot of Christmas decorations on January 3rd, this will happen to the price.
What is go down, decrease
300
If inflation changes the price of milk to $10 a gallon. What happened to the price?
What is increase (go up)
300
When you have specialization and divison of labor, you have more of this. Which means you can make more stuff and make more money
What is productivity
400
The difference between the amount a company's total expenses and total sales
What is a profit
400
This happens to the PRICE of a product when the cost to make it increases (goes up)
What is increase
400
If brussel sprouts were proven to cure the common cold, what would happen to the demand and pirce of brussel sprouts?
What is increase (go up)
400
If half of the U.S. population became allergic to soda, what would happen to the demand and price of soda?
What is decrease (go down)
400
When you don't have a lot of a resource
What is scarcity
500
Something that might encourage you to purchase a product?
What is incentive
500
This happens to the price of a product when the demand decreases
What is decrease
500
If you own a business and the cost to run it was $400 for the month, and your sales were $800. What is the profit?
What is $400.
500
What would happen to the price of PS4s if Sony didn't make enough in time for Christmas?
What is the price would increase
500
A free enterprise system is based on this
What is supply and demand