Economy Basics
The way people make, buy, and sell things
What is an economy?
How much of something is available
What is supply?
Things used to make goods and services
What are resources?
A plan for how to spend and save money
What is a budget?
Being born in the United States
What is birth?
A place where goods and services are bought and sold
What is a market?
How much people want something
What is demand?
When countries exchange goods and services
What is trade?
What you give up when you choose something
What is cost (or opportunity cost)?
The legal process of becoming a citizen
What is naturalization?
The group that makes laws and provides services
What is the government?
What happens to price when demand is high and supply is low
What is the price goes up?
The type of resource that includes workers and skills
What is human resource?
Something you must have like food or shelter
What is a need?
Freedoms we have as citizens
What are rights?
People who live together and make spending decisions
What are households?
What happens to price when supply is high and demand is low
What is the price goes down?
The reason countries trade with each other
: What is they don’t have all resources?
Something you would like but don’t need
What is a want?
Things we must do as citizens
What are responsibilities?
Places that produce and sell goods and services
What are businesses?
A situation where only 5 items are available but 50 people want them
What is high demand and low supply?
A situation where there are not enough resources for everyone
What is scarcity?
Why having many skills is helpful
What is it helps you get more job opportunities?
An example of good citizenship
What is volunteering / voting / following laws?