Economy

What is it called when one person swaps a good or service for another good or service?

• Barter

• The price will go down

• Scarcity

What will happen to the price when there is a high supply but a low demand?

• Barter

• The price will go down

• Scarcity

When there are not enough goods to meet people’s needs.

• Barter

• The price will go down

• Scarcity

Something a person has to have to survive.

• Want

• Need

Something a person desires but does not need.

• Want

• Need

A team of specialized workers or machines that work together to make a good.

• Supply

• Demand

• Assembly Line

How much of a product is available for sale.

• Supply

• Demand

• Assembly Line

How badly people want a particular good or service.

• Supply

• Demand

• Assembly Line

What are the benefits of an assembly line?

• Make products faster & workers get very good at one job.

• Make a game to have fun

When people work together to meet their needs that is called an __________ relationship.

• Interdependent

• Doing a job OR getting money as a gift