Economics

Quantity means

• best item
• the amount

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

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.

What type of economic system does the US have?

• Market
• Command
• Traditional 

Economics is...

• studying goods, services, and how people can get them.
• studying trees, bushes, and other plants.
• studying animals and wildlife.
• studying food, and how food is made.

Which of these is a good?

• Librarian
• Teacher
• Computer
• Mechanic

Which of these provides a service?

• Pumpkins
• Mailman
• Turtles
• Cars

Tags

CCSS.RI.7.2

CCSS.RI.8.2

CCSS.RL.7.1

CCSS.RL.8.1

CCSS.RL.9-10.2

The people who grow or create goods are called...

• producers
• consumers
• banker
• traders

Tags

CCSS.RI.7.2

CCSS.RI.8.2

CCSS.RL.7.1

CCSS.RL.7.2

CCSS.RL.8.1