A
What might happen to the price if the demand for a new video game began to quickly rise?
Price will go up
What advantages might online shopping have?
Consumers can make purchases without leaving home
Consumers do not need to worry about traveling, parking, waiting in line
Consumers can make purchases from any place at any time
You are allowed one toy from the store. The choices are a coloring book, board game, Legos or a video game. You want the Legos or the video game. You pick the video game. What is the opportunity cost?
Legos
A Buyer or ___________________ is the person that spends money to get something.
consumer
producer
What does international trade mean?
Buying and selling between countries
Which of the following services must be bought from the government and not a store?
Driver’s license
Hair cut
Getting your car fixed
Medicine
Driver’s license
buy or sell
supply and demand
Which of these is an example of opportunity cost?
Jim buys a puzzle and a coloring book
Sam does not buy a pencil
Billy eats a candy bar
Sue decides to buy Gummy Bears instead of Snickers
Sue decides to buy Gummy Bears instead of Snickers
Why do many producers sell goods on the internet instead of catalogs?
Selling on the internet doesn’t cost as much as selling in a catalog
Selling on the internet makes products look nicer
people
Give an example of a good.
answers vary
Give an example of a service.
answers vary
How has technology affected consumers?
They can shop online
Mike worked all summer to save up to buy a car. Mike is 25 years old. At the car dealership he found exactly what he wanted. Why might Mike not be able to buy the car?
Not enough money
_____ Identify the possible solutions
_____ Identify the problem
_____ Make the decision
_____ Review the benefits and costs for each possible solution.
Identify the problem, Identify the possible solutions, Review the benefits and costs for each possible solution, Make the decision
low
high
How has technology affected producers?
They can make items quickly
They can sell products online
What might a producer decide if resources are limited?
The producer might have to choose a new product
The producer may have to find other resources to use to make the product
Why do you think so many of our clothes are made in China?
The Chinese pay workers less, making clothes cheaper
Your allowance is $5.00 each week and you have to save $2.00. You are allowed to spend the rest at the school store. You can buy the following: Ball: $1.00 Candy: $2.00 Hat: $3.00
Explain how you will spend your money.
Answers vary.
high