Economic Rollercoaster
What kind of economy does the U.S have?
Free market economy
True or false: You use cash when you barter with someone.
False
In paragraph 1, what are the two benefits of cash?
It's fast and reliable
In paragraph 1-
Finish the sentences...
Supply is how much of something is _____________.
Demand is how many ___________ want a product.
available
people
What is currency?
Currency is used to _____________ for what we need.
Pay
In paragraph 2, what's the disadvantage of checks?
The person doesn't get the money right away
In paragraph 2:
Give me an example of something that is priced high and explain why?
Diamonds because they are rare (limited supply)
In paragraph 3, what did China begin using as money?
Cowrie Shells
What's the difference between debit and credit cards?
Hint: Think about borrowing money and money taken directly out of an account
Debit is when money is taken right from the person's account and credit is when money is borrowed
In paragraph 2:
Give me an example of something that is priced low and explain why?
Old computers because the company wants to get rid of them to get new ones (low demand)
In paragraph 4, who were the first to use metal for making currency?
Chinese
In paragraph 7, what is an example of RFID smart cards?
Hint: Think about driving in the car and going through something
EZ-Pass
Who needs to step in to keep the economy moving again when it's slow?
Federal government
Who issues money today in the U.S?
In paragraph 8, what are the three things that people think about when making decisions on payment?