Exploring Economics

Exploring Economics

Chapter 2 Lesson 2

Poll

Can you buy everything you want?

• Yes

• No

Open Ended

Explain your answer in one or two sentences.

What is Economics?

• The study of how and why people make, buy, and sell things.

• Goods = products that people buy or sell (clothes or food)

• Services = activities provided by other people that you pay for (doctors or repairmen)

• Producers = someone who creates something for people to buy

• Consumers = someone who buys a good or service

What are the four resources people need to make goods and services?

• Land

• Labor

• Capital

• Entrepreneurship

Land

The surface of the Earth and the resources found in and on it.

Sometimes called natural resources.

Labor

The ability of people to do work.

Capital

The money and goods used to help people make or do things.

Entrepreneurship

The act of running a business and taking risks to succeed.

Supply and Demand

Supply is the amount something people want to sell. Demand is how much of something people want to buy.

Poll

Would it be easy to buy toilet paper from this store?

• Yes

• No

Poll

Would it be easy to buy toilet paper from this store?

• Yes

• No

Poll

Do you want a half eaten candy bar?

• Yes

• No

Poll

Do you want a Playstation 5?

• Yes

• No

Multiple Choice

What is supply?

• how much of something people want to sell.

• how much of something that people want to buy.

Multiple Choice

What is demand?

• how much of something people want to sell.

• how much of something that people want to buy.

Multiple Choice

Jenny has hundreds of stuffed animals to sell. The stuffed animals are considered the _________.

• supply

• demand

• buyer

• seller

Multiple Choice

Halloween is almost here! The supply of candy is going down. What will happen to the price?

Multiple Choice

A new bakery comes to town. Now there are more options for a bakery. What will happen to the price?

Multiple Choice

iPhone X just came out and many people want it. What will happen to the price?