Economics

Things people would like to have

• Needs

• Goods

• Wants

• Income

A plan for saving and spending money

• Budget

• Consumer

• Supply

• Market

What is a market?

• a place where farmers gather to have fun

• a place where people go on holidays

• a place where people play sports

• a place where buyers and sellers come together

What is the meaning of Demand?

• the need or want for something.

• a plan for saving money.

• a person who sells things.

• things people must have to live

What is another word for a customer?

• seller

• buyer

• farmer

• producer

Which happens last?

• Tim gets a job walking his neighbors dogs.

• Tim wants to buy a gift for his dads birthday.

• Tim saves enough money to buy the gift.

• Tim saves two dollars every day from his job.

Due to the frost in Florida the orange crops froze and the farmers lost half of their oranges that they had to sell. The farmers market is next week and lots of people want oranges. What would they do to the price of the oranges next weeks at the market?

• Make the price higher

• Make the price lower

What happens to the price of something when the demand is low.

• The price goes up

• The price goes down

• The price stays the same

• Its free

In December in Ohio, the price for beach towels and sunscreen goes down. What is the reason for this?

• People are going to the beach

• The demand is low

• The demand is high

• People don't like the beach

Which is not an example of a service?

• Helping a parent with chores

• Cleaning up the park

• Buying fruit at the grocery story

• Mowing my neighbors grass