Basic Economy Terms
Supply & Demand
Currency & Currency Conversion
Import & Export
Tourism
100
Explain the difference between a need and a want.
A "need" is something we must have to survive. A "want" is something we would like to have.
100
Define supply.
"Supply" is the amount of goods and services available to buy.
100
Explain what currency is and what it is used for.
Currency is money that a country uses to buy goods and services.
100
Define importing. Define exporting.
"Importing" means bringing goods from one country into another. "Exporting" is sending goods from one country to another.
100
Define tourism.
"Tourism" is the industry of traveling and vacationing to interesting places.
200
Define goods and give a synonym. Define services and give an example.
"Goods" are things that are grown or made. Another word for "good" is "product".
"Services" are jobs done for us. Examples are haircut, schools, protection using police, putting out fires, etc.
200
Define demand.
"Demand" is the amount of goods and services consumers want to buy.
200
Name this currency and where it comes from.
Chinese Yuan. It comes from China.
200
Explain why countries import goods.
Countries import goods because they want/need them and do not/cannot makes those goods themselves.
200
True or False: Tourism is one of the largest industries in the world.
True.
300
Explain what should happen if people don't have enough money to buy both the things they need and the things they want.
They must make a choice. People should take care of their needs first.
300
Explain what happens to the price of a good if the supply and demand are equal. Then explain why this happens.
The price stays the same because there is just enough supply to satify the demand.
300
Define currency conversion.
"Currency conversion" is changing one country's currency into another country's currency.
300
Explain why countries export goods.
Countries export goods because they make/grow them, have enough for their own people, and sell them to countries that want/need them to make money.
300
Give examples of tourism sites in Korea.
Lotte World Tower, Gyeongbokgung, Jeju Island, Hallasan, lava tube caves, Everland, etc.
400
Explain what a producer does. Explain what a consumer does.
A "producer" makes or grows a good or provides a service. A "consumer" buys goods and services.
400
Explain what happens to the price of a good if the supply is lower than the demand. Then explain why this happens.
The price will increase because there is not enough goods for everyone. This will exclude those unable to afford the price increase.
400
Define exchange rate.
"Exchange rate" is the value of one currency used for converting to another currency.
400
Give an example of a good that Korea exports.
Korea exports electronics, electronical equipment, machinery, vehicles, plastics, etc.
400
Explain the importance of tourism.
Tourism provides jobs and revenue to a country's economy while also sharing the country's culture and traditions with the world.
500
Define economy.
"Economy" is the buying, selling, and trading of goods and services.
500
Explain what happens to the price of a good if the supply is higher than the demand. Then explain why this happens.
The price lowers because there is a surplus and producers want to get rid of the goods in order to get new goods.
500
Explain why we have to use currency conversion.
Countries do not use the same money. The money is also not equal to one another (some money is stronger than others). Therefore, we have to convert our money when doing business or traveling to other countries.
500
Give an example of a good Korea imports.
Korea imports petroleum, photo lab equipment, etc.
500
Give examples of various types of tourism.
Culinary (food) tourism, shopping tourism, business tourism, leisure (for fun/vacation) tourism, medical tourism, sports tourism, cultural tourism, ecotourism (nature), wildlife tourism, etc.