Ag Business

Front

What happens to the price of a popular item when supply is low?

Back

The price will go up.

Front

What is the term for what a business has left after all the bills have been paid?

Back

Profit

Front

What is the term for the amount of goods or services available?

Back

Supply

Front

What do we call physical items that you can touch and see?

Back

Goods

Front

What is the term for a task performed for someone else, often in exchange for payment?

Back

Service

Front

What is the economic principle that describes the relationship between supply and demand?

Back

The law of supply and demand states that as supply increases, demand decreases, and vice versa.

Front

What is the difference between a need and a want?

Back

A need is something essential for survival, while a want is something desired but not essential.

Tags

NGSS.HS-ETS1-1

NGSS.HS-ETS1-3

Front

What is opportunity cost?

Back

Opportunity cost is the value of the next best alternative that is forgone when making a decision.

Front

What is the role of a producer in the economy?

Back

A producer is someone who creates goods or services to be sold.

Front

What is demand in economic terms?

Back

Demand is the desire and ability of consumers to purchase goods and services.