Economics

Economics

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Opportunity Cost

• What you're missing out on

• MnMs or Skittles?

• If you pick MnMs, your opportunity

  cost would be Skittles!

A trade where everyone gets what they want!

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At the store, buying apples you need makes you happy, and the store is happy with the money!​

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​Some text here about the topic of discussion.

​Voluntary Exchange

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Specializing in one good or service ​so the worker or company gets really efficient at it.

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​Some text here about the topic of discussion.

Specialization​

Supply and Demand

• Supply is the product you have

• Demand is how much that's wanted

• More supply than demand: Surplus

• More demand than supply: Scarcity

Multiple Choice

What is a want?

• A person
• Something you would like to have but don't need to live
• Purple
• Something you need to live

Multiple Choice

What is voluntary exchange?

• Buying a good or service in exchange for money

• Demanding a good or service

• Having to choose between two thin

Multiple Choice

What is a need?

• Nothing
• Something you have to have to live
• Something you would like to have
• Ice cream

Multiple Choice

The amount of money we pay for a good or service

• currency
• price
• inflation
• economics

Multiple Choice

money paid to the government through income, sales, and purchase of property

• taxes

• goods

• scarcity

• human resource

Multiple Choice

Income set aside for unexpected expenses

• savings

• goods

• services

• producer

Multiple Choice

Using income for purchases, expenses, and debt

• spending

• savings

• goods

• services

Multiple Choice

The good or service that you give up when you make an economic choice is called _____________________.

• opportunity cost

• economic choice

• economic interdependence

• economic specialization

Multiple Choice

________________ are activities that satisfy people’s needs and wants.

• Goods

• Services

• Needs

• Wants

Multiple Choice

_____________ are things that people make or use to satisfy their needs and wants.

• Goods

• Services

• Producers

• Consumers

Multiple Choice

What is demand?

• the amount of an item you have

• how many people want your good/service

• the money you have left over after you paid your bills

Multiple Choice

What is supply?

• the amount of an item you have

• how many people want your good/service

• the money you have left over after you paid your bills

Multiple Choice

not being able to meet all wants at the same time

• demand

• supply

• scarcity

Multiple Choice

A good made in the United States and sent to other countries

• import

• export

• supply

Multiple Choice

a good made in another country and brought into the United States

• import

• export

• supply

Multiple Choice

If the supply of a good is higher than the demand, what happens to the price?

• stays the same

• price increases

• price decreases

Multiple Choice

What is a producer?

• a person who gives goods away

• things people would like to have

• the exchanged of goods and services without the use of money

• a person, company, or country that makes grows, or supplies goods for sale

Multiple Choice

What is a consumer?

• a person who takes things

• a person who purchases goods and services for personal use

• a person who takes good away

• the economic factors affecting the price, demand, and availability of a commodity