Resources
The oranges used to create orange juice are an example of a ___________ resource.
Natural
___________ is the study of production, distribution, and consumption of goods and services.
Economics
The amount of goods and services consumers are willing to buy at a certain price.
Demand
A form of business where two or more owners share the risks and profits.
Partnership
During Thanksgiving, what happens to the supply and demand of Turkeys?
Supply goes down, demand goes up.
Which is a human resource?
Lemon, donkey, oven, waitress
The combining of resources to create goods and services is called...
Production
The interaction of supply and demand determines...
Price
A boy sells lemonade at a lemonade stand using his own cups, water, and lemonade mix. This is an example of a ...
Proprietorship
If my Funko Pops aren't selling and I lower the price, that will be due to low...
Demand
What are the four types of resources?
Entrepreneur, Human, Capital, Natural
Price - Cost to produce the item = __________ Example: If Steve is selling candy bars for $1 and they cost him $.50 to make the $.50 left over is called what?
Profit
The amount of goods and services a producer is willing to sell at a certain price.
Supply
People are able to buy a stake in the Walt Disney Company using the stock market. Walt Disney represents the entire business. This is an example of:
Corporation
True or False: Ornaments have a high DEMAND during Christmas time.
True!
The ice cream machine used to make a Frosty is an example of a __________ resource.
Capital
The factors of production (Human, Natural, Capital & Entrepreneurs) are also known as...
Resources
When consumers keep choosing to buy the same product, they are using...
Consumer Preference
If two businesses combine to make one, what type of business is it?
During summer, winter clothes go on sale because there is a high and low .
supply, demand
What type of Resource is this? Someone who takes a risk for profit.
Entrepreneur
Choosing to study instead of playing video games until 3 AM is a choice. Giving up the time to play video games is known as ...
Opportunity Cost
When price goes up, what happens to supply and demand?
Supply goes up, demand goes down.
If consumers aren't buying a product, what will businesses do?
Stop making the product.
Explain how the supply and demand of candy changes BEFORE and AFTER Halloween.
1st: Supply goes down, demand goes up
2nd: Supply goes up, demand goes down
List an example of each type of resource
Answers vary
If there wasn't enough food in the cafeteria for everyone, what economic problem would we have?
Scarcity
True or False: The demand for slushees is HIGH in the summer.
True
In Waynesboro we have Proprietorships, Partnerships, and Corporations. Give me two examples of businesses in Waynesboro and what type they are.
Answers vary
Use Supply and Demand to explain why Spirit Halloween is only around during Halloween.
Due to low demand and high supply the rest of the year, Spirit Halloween only opens during Halloween because they only sell Halloween.