Unit 2 - Econ Vocab Quest

A location or platform where individuals or businesses meet to trade products or services.

The amount of a product or service that buyers are both willing and able to purchase at a certain price within a set time frame.

At the school fair, students are willing to pay $2 for a slice of pizza instead of the usual $1. Seeing this, the pizza booth decides to bring twice as many slices the next day to sell. They want to take advantage of the higher price by offering more pizza for sale during the fair. This situation is an example of?

At the school snack stand, students are willing to buy 50 granola bars if they cost $1 each. The stand brings exactly 50 granola bars to sell at that price. Since the number of granola bars students want to buy matches the number available for sale, everything sells out with no extras, and no one left wanting more—this is the point where the market is balanced. This situation is an example of?

Two lemonade stands open across from each other at a school event. One lowers its price to 50¢ and adds fun flavors like strawberry and mango. The other responds by offering a free cookie with each cup. Both stands are trying to win over more customers by making their lemonade better or cheaper. This is an example of what?

At the school fundraiser, a student group makes 100 friendship bracelets to sell at $5 each. But only 40 students are willing to buy them at that price. Now they have 60 bracelets left over that nobody wants to buy—this means they made more than people were willing to buy, so they have extra inventory. This is an example of what?

At the school store, they bring only 30 bags of hot chips to sell for $1 each. But 60 students want to buy them. Since there aren’t enough bags for everyone, some students don’t get any—this means more people wanted the chips than the store had to sell, so they ran out. What is this an example of?

Just like a report card shows how well a student is doing in school, things like the number of people without jobs (unemployment rate) and how much stuff a country is making and selling (GDP growth) help show how healthy the economy is. If more people have jobs and businesses are growing, it’s like the economy is getting a good grade! What vocabulary term best fits this description?

Imagine the school cafeteria starts charging $3 for a slice of pizza, and students start complaining it's too expensive. So, the school decides to set a rule that pizza can't cost more than $2 a slice. This rule is like a _________, it’s the highest price the cafeteria is allowed to charge for pizza.

A factory near your school produces goods but also releases smoke into the air. While the factory is making money and creating jobs, the smoke can make the air unhealthy for people in the area, even if they didn’t choose to live near the factory. This is a negative side effect, called an ___________, because it affects people who weren't involved in the factory’s activities.