Supply
Demand
Wants/needs
Factors of Production
Random
100

Definition of supply

The amount of goods and services that producers will provide at various prices

100

Definition of Demand

The amount or quantity of goods and services that consumers are willing to buy at various prices


100

Definition of need

Something that is a necessity for everyday life

100
Definition of factors of production

all components necessary to produce a society's goods/services

100

Definition of scarcity

the shortage of economic resources

demand > supply

200

When supply is up price is ___?

UP!

200

When demand is up, price is ___?

Down?

200

Definition of wants

Something that you could find pleasure in without it being an absolute necessity

200

What are the two types of Natural Resources?

Renewable and nonrenewable

200

Definition of surplus

Supply > demand

300

When supply goes down, price goes ___?

down or idk

300

When demand goes down, price goes ___?

UP like the movie?

300

What is more important to focus on, want or need?

Need!

300

Human resources definition

Knowledge, efforts, and skills people bring to their work, also called labor

300

definition of economics

the study of how society chooses to use resources to produce and distribute goods and resources

400

When price goes up, the supply goes __?

Up for sure!

400

When price goes up, demand goes ___?

down to the ground! 

p.s. that was a tuffhy

400

What is this list?

Scooby doo

Magic school bus

sponge bob

alvin from alvin and the chipmunks

courage the cowardly dog

Bluey from blue's clues

bart Simpson

Peter Griffin

These are wants

400

capital resource definition

things used to produce goods/services, like buildings, materials and equipment

400

What happens when the supply curve and the demand curve intersect?

equilibrium

500

When price goes down, supply does what exactly?

Supply goes down!

500

When price is down, demand is __?

Up

Woo hoo!

500

Name 15 from this list:

Safety

Affection

Sleep

Body needs

Health care

Clothing 

Love

Significance

Food

Security

Water

Connection

Support

Companionship

More responsibility of self

Social relation

Good job! - Remember this for the test!

500

Entrepreneurial Resources definition

The initiative to improve goods and services or create new ones

500

Name all types of economies and their definitions

Traditional: Tradition and customs govern decisions

Command: System in which a central authority such as the state makes the key economic decisions

Market: System in which economic decisions are made in the marketplace according to the laws of supply and demand

Mixed: Combination of a market & command economy