Economics

What is a commodity?

• a product
• a bathroom facility

Quantity means

• best item
• the amount

Relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy.

• Scarcity
• Supply and Demand

If a resource is scarce

• there is a shortage and unlimited wants in a world of limited resources
• to be extremely rare and expensive

The plastic needed to make iphone cases is considered _____________ ____________ because it is used to make the iphone (good).

• Human Resource
• Capital Resource

The study of how people make decisions given the resources that are provided to them.

• Economics
• Command Economy

The voluntary exchange of goods and services without any government intervention.

• Market Economy
• Traditional Economy

Produces a variety of goods and services, as well as supports new ideas, services and goods.

• Advantages of a Market Economy
• Advantages of Command Economy

If a drought severely reduces the amount of asparagus available to consumers, what would you expect to happen?

• The demand for asparagus will go down.
• The price of asparagus will go up.

My new Nikes were introduced in May for $129.99, but by December they are being sold for $69.99.  According to the law of supply and demand, which is most likely to be true about the Nikes.

• Supply for the Nikes are was hight but the demand was low.
• Supply for the Nikes was low but demand was high.