Scarcity
The economic issue in the following scenario: In a small village nestled in the mountains, villagers find themselves facing a dilemma. With only a limited amount of fertile land available for farming and an increasing population, they realize they cannot produce enough food to satisfy everyone's hunger.
What is scarcity?
This is implemented as a way to try and solve the basic problem of scarcity.
What is an economic system?
Supply and demand affect quality of life because they affect the ______ of products we buy, the availability of products, and jobs connected to creating products
What is price?
In economics, the part of the economy owned and controlled by government and paid for by taxes.
What is publicly owned?
Mrs. Lohr's Bernadoodle aka dog.
Who is Bailey?
In a small farming community, farmers are facing a dilemma. Due to a severe drought, the available farmland has become less fertile, making it challenging to grow crops. The factor of production that is primarily affected.
What is land?
The government decides to prioritize the production of electric cars as part of its long-term environmental and economic goals. Central authorities allocate resources towards building manufacturing facilities for electric vehicles, subsidizing research and development in battery technology, and implementing infrastructure for charging stations nationwide. Determine the economic system.
What is a planned (command) economy?
Consumers have made a decision to not purchase certain makeup products because they are not cruelty free.
What is boycott?
The belief that what's best for each person individually adds up to what best for society.
What is the public good and individualism? OR What is individualism?
What is the colour purple?
The demand for the Playstation 5 during the pandemic was so great it created _____, because too many people wanted it and not enough consoles were available.
What is scarcity?
A new smartphone is released with innovative features and sleek design. As soon as it hits the shelves, consumers eagerly line up outside stores, and online pre-orders sell out within hours. Retailers quickly adjust their pricing to meet the surge in demand, and competitors rush to develop similar products to capitalize on the trend. Determine the economic system.
What is a market economy?
Within the beverage market, Coca-Cola and Pepsi engage in a spirited contest for consumer attention and loyalty, driving each other to innovate and market aggressively.
In Canada, there is an organization responsible for delivering mail and parcels to homes and businesses across the country. It is owned by the government and operates as a self-sustaining business entity. The type of organization Canada Post is.
What is a crown corporation?
One of the most powerful business women today, dating a NFL football player, also Mrs. Lohr's favourite artist.
Who is Taylor Swift?
A construction company is awarded a contract to build a new skyscraper. However, they struggle to find enough skilled workers to complete the project on time. The factor of production the construction company is lacking.
What is labour?
A new medication is developed to treat a common illness. The government provides funding for research and development to ensure affordability and accessibility for all citizens. Pharmaceutical companies compete to manufacture the medication efficiently, while regulatory agencies oversee safety standards and pricing to protect consumer interests. Determine this type of economic system.
What is a mixed economy?
The free market economy does not grow at a constant rate. Instead, it goes through a continuing series of “_____” and “_____” periods called the business cycle.
The belief that individuals must consider each other and set aside their individual differences to achieve what’s best for society.
What is the public good and cooperation? OR What is cooperation?
Mrs. Lohr has fed this wild animal in three different countries.
What is a giraffe?
A tech startup is eager to expand its operations and develop a new software application. However, they lack the necessary funds to invest in hiring additional programmers and purchasing updated software tools. The factor of production the tech startup deficient in.
What is capital?
The THREE basic economic questions that economic systems ask themselves.
What to produce? How to produce? For whom to produce?
In a market where the price and quantity of a product are determined by the interaction of supply and demand, the term that describes the point at which the supply curve and demand curve intersect. Include the drawing of the chart in your response.
What is equilibrium?
A person who organizes a business and takes the risks associated with competing in a market economy
What is entrepreneurs?
Mrs. Lohr will be traveling to this country in September in which it is known for its sausages, pretzels, and the Berlin wall.
Where is Germany?