Market=Organized way for producers and consumers to trade goods and services
Money= Exchange in market, form of currency
What is a market and money?
100
What is person that combines resources to create G&S
What is an entrepreneur?
100
What is necessary for life
What is a PHYSICAL need?
100
What is making
What is production?
100
What is a product
What is a good?
200
Currency= Paper bill, and metal coins
Profit= Money leftover after subtracting the costs of doing business
What is currency and profit
200
What is found in the enviornment
What is land & natural resources
200
What is necessary for a group
What is a COLLECTIVE need
200
What is a maker and seller
What is a producer?
200
What is a job being well done
What is a service?
300
What is the study of how people meet their needs and wants through the production and consumption of goods and services with the use of resources
What does economics mean?
300
What is man made resources
What is people made resources(capitol)
300
What is unnecessary for life, but wanted for pleasure and comfort
What is a PHYCHOLOGICAL want?
300
What is using
What is consumption?
300
What is a clothing store or restaurant (answers may vary)
Where do you see good service?
400
Revenue=Money earned by selling goods and services
Specialization=Concentrating on a limited number of goods and services
Competition=Struggle among producers for consumer's money
What is revenue, specialization, and competition?
400
What is physical and mental effort performed by people
What is human resources (labor)
400
What ever it is you said
What is something you WANTED?
400
What is a user and buyer
What is a consumer?
400
What is a phone, computer, TV, ipad (answers may vary)
Name some goods you own?
500
Nonprofit Organization= Businesses institutions that DON'T make a profit
Inflation= Prices increase over time
Recession= Decline in economy growth for 6 or more months in a row
What is a nonprofit organization, inflation, and recession
500
What is scarcity
What is the reason to study economics?
500
What ever you just said
What is something you have needed?
500
What is clothes, food, water, etc.
What is something you consume?
500
What is the mall or shop (answers may vary)
What is a place to SEE a service or BUY a product?