Economics

What is a market?

• a place where buyers and sellers come together

• a place where farmers gather to have fun

• a place where people go on the holidays

What do people do at a market?

• They eat together

• They buy and sell things

• They learn how to become farmers

What is another word for customer?

• buyer

• seller

• customer

What does supply mean?

• the number of people who want to buy a product

• how many products are for sale at one place

• how much of a product is available for sale

What does demand mean

• the number of people who want to buy a product

• how many products are for sale at one place

• how much of a product is for sale

What happens to prices when supply is high and demand is low for a product?

• Prices are low

• Prices are high

What item is a natural resource?

• coffee

• computer

• jeans

• television

What item is a natural resource?

• jeans

• car

• cow

• CD player

What is a natural resource?

• water bottle

• television

• car

• diamonds

What is a manufactured (MAN MADE) good?

• coffee

• cows

• oil

• computer