Snoop Dog
Who performs the consumer role in the economy?
Individuals
What can cause fluctuations in the demand for certain products, such as winter coats, swimsuits, and Christmas cards?
Seasonal factors
What is the key factor that determines whether businesses will continue to supply a product?
If they make a profit
What is demand in economics?
The quantity that consumers are willing and able to buy at a particular price
What economic role involves participating in the workforce and earning income?
Worker
How does competition among businesses affect product pricing?
It prevents businesses from charging excessive prices.
Which role involves making buying decisions that influence the economy?
Consumer
Which economic role involves making decisions related to government policies and participating in civic activities?
Citizen
How do consumers help businesses make decisions on what to produce?
By choosing to buy and not to buy
What happens to the price of a product when its demand increases?
Increases
What is supply in economics?
The quantity of products or services businesses are willing and able to provide at a given price
How does demand help determine supply in the market?
The more people willing to buy a product, the more of that product will be produced.
What determines the price of products in the market?
Consumer purchasing habits and supply and demand
How many economic roles do individuals typically perform in their lifetime?
Which role mentioned that directly contributes to the production of goods and services?
Worker
When demand for a product increases, what typically happens in the market?
More businesses start producing the product.
What percentage of the goods produced do consumers buy?
More than 2/3
How do individual buying decisions impact the economy?
They influence the entire economy.
What does competition favor in the market, according to the notes?
Companies with lower production costs
What triggers competition among companies in the market?
An increase in consumer demand
Why do consumers play a central role in the economic system?
Because they buy the majority of goods produced.
What does your standard of living depend on?
The money you earn as a worker
When does competition among businesses typically begin in the market, according to the information provided?
When the demand for a product is met
How does supply affect product prices according to the information provided?
Supply affects prices through the need to cover production costs.
What is labor productivity?
The quantity of a good that a worker can produce in 1 hour