Economics and business y8

What is an economic system?

• the system that makes rich people corrupted by greed

• the system that coordinates the production and distribution of goods and services

• the system that ensures accountants have a job

• the system that makes something out of nothing

what is a consumer?

• someone who eats a lot

• everybody loves a bargain!

• end user of goods and services

• early user of goods and services

what are rights?

• minimum wage

• opposite of lefts

• same as ups

• legal entitlements

what is a producer?

• someone who is in the movies

• someone who has a large family

• someone who provides goods or services

• someone who creates evil voids

what is economic supply?

• the quality of goods and services

• the taste of chocolate

• the amount of goods and services available

• frank

What is a type of business?

• songline

• outsourcing and insourcing

• supply and demand

• sole trader, private company

what is scarcity in economics?

• starvation

• limited resources

• excess resources

• free resources

what is economics ultimately about?

• choices

• money

• wining

• losing

what is economic demand?

• a command

• the amount of goods or services that consumers are willing and able to purchase at a point in time

• the amount of goods and services that consumers want but cannot pay for at a point in time

• selfishness

what is a mixed economy?

• mums and dads are both working in the economy

• where checkout scans mix up the amount required to purchase an item

• where state and federal government departments are involved in an industry

• where private and government sectors direct the economy