Economics

What is a market?

• voluntary exchange of good and services between buyers and sellers

• The driving force of the economy

• where you get groceries

• the flea market

If the cost of computers falls, then…

• the demand for computers goes up.

• the supply of computers goes up.

• the demand for computers goes down.

Which of the following could cause the demand for airline travel to go down?

• The price for traveling by airplane goes down

• The price of traveling by airplane remains the same

• The price for traveling by airplane goes up

Tools we use to make products

• capital resources
• human resources
• natural resources
• entrepreneurs

How much people want something

• supply
• demand

People who work to make goods or provide services

• human resources

• capital resources

• natural resources

How much of something is available

• supply
• demand

What is a need?

• Nothing
• Something you have to have to live
• Something you would like to have
• Ice cream

Tags

CCSS.RI.7.2

CCSS.RL.6.2

CCSS.RL.7.2

CCSS.RL.6.1

CCSS.RL.7.1

What is a want?

• A person
• Something you would like to have but don't need to live
• Purple
• Something you need to live

Tags

CCSS.RI.7.2

CCSS.RL.6.2

CCSS.RL.7.2

CCSS.RI.6.2

CCSS.RL.8.2

A person who makes goods or provides a service 

• goods 
• service producer 
• producer
• consumer