Economics

What is a consumer?

• a person who takes things

• a person who purchases goods and services for personal use

• a person who takes good away

• the economic factors affecting the price, demand, and availability of a commodity

What is a producer?

• a person who gives goods away

• things people would like to have

• the exchanged of goods and services without the use of money

• a person, company, or country that makes grows, or supplies goods for sale

If the supply of a good is higher than the demand, what happens to the price?

• stays the same

• price increases

• price decreases

Basic things humans need to survive

• want

• import

• need

Extras that make life more enjoyable

• need

• want

• savings

What is supply?

• the amount of an item you have

• how many people want your good/service

• the money you have left over after you paid your bills

What is demand?

• the amount of an item you have

• how many people want your good/service

• the money you have left over after you paid your bills

Which of these examples is a service?

• Mr. Farr sells guitars.

• Mr. Swenson gives art supplies to consumers.

• Coach provides lessons for different sports.

• Ms. Miller writes books.

What is profit?

• the money you have left over after you paid your bills

• how many people want your good/service

• the amount of an item you have

• none of these

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

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