TJ v AH
Thomas Jefferson was against having these, but Alexander Hamilton thought they were necessary to help the United States pay for things like roads and an army.
taxes
If you pay someone to clean your house for you, are you buying a good or a service?
a service
What is a consumer?
a person who buys something
This term describes how much of a product is available for sale. What is it?
supply
Yemna wants to buy a new pair of earrings and a necklace. She only has enough money to buy one of them. If she chooses to buy the earrings, what is the opportunity cost?
the necklace
Thomas Jefferson was afraid that if there was a National Bank, the bank owners would have too much of this.
power, or power over the government
A car is an example of a _____?
good
This is a person or company that makes goods or provides services.
producer
This term refers to how much of a product people want to buy. Can you name it?
demand
If you can either go to a birthday party or a family gathering, and you choose the birthday party, what is the opportunity cost?
the family gathering
Which Founding Father wanted the people to have more power over the economy than the government?
Thomas Jefferson
When you buy new carpeting and have a professional install it for you, what is the good and what is the service?
the carpet is a good
the installation is a service
Starla goes to a lemonade stand and buys a glass of lemonade from Marley. In this scenario who is the producer and who is the consumer?
Marley is the producer,
Starla is the consumer
If many people want a toy but there are only a few available, what will likely happen to its price?
the price will go up/increase
What is opportunity cost?
The item or choice that you give up in order to get your preferred choice.
Which Founding Father wanted the economy to be based on agriculture?
Thomas Jefferson
What is a service? Give a definition.
a job that you pay another person to do for you
In a free market economy what role does the producer play?
They make or sell the goods or services
When supply of an item is low, but demand is high why may a consumer be willing to pay more for it?
because the item is rare
Jameson wants to spend the night at a friend's house but he also wants to play in an xbox tournament with his brother. His mom reminds him that he promised to help his dad clean the garage. If Jameson plays the xbox, what is the opportunity cost?
helping his dad and going to his friend's house
This president chose Alexander Hamilton to be in charge of the US Department of Treasury.
George Washington
When you go to a restaurant and buy a hamburger, the hamburger is a good. What is a service provided by the restaurant?
chef cooks the burger
dishwasher washes the dishes
someone cleans up the mess
the server takes care of your needs
Name the producer and consumer of a product you like?
answers vary, for example Nike creates Jordans, so Nike is a producer. Kids (and their parents) are consumers who like to buy Jordans.
When a store has too much of a product that no one wants, what might happen to its price?
the price would decrease, the item may go on sale
If you only have $5 to spend at the concession stand, and the prices are:
Hot dog $4
Popcorn$2
Ice cream $3
Candy $1
What would you buy and what is the opportunity cost?
answers vary