Economics

Which country should trade with country A?

• Country B
• Country C

What is demand?________________________________________

• The amount of a particular economic good or service that a consumer uses
• The amount of a particular economic good or service that a consumer or group of consumers will want to purchase at a given price.
• The amount a producer supplies.
• The price of a good or service at a particular time.

What is supply?_________________________________________

• Supply is the amount of a particular economic good or service that a consumer or group of consumers will want to purchase at a given price.
• A supply is the price of a resource.
•  Supply is a product.
• A supply is the amount or availability of a resource.

What is Scarcity? _______________________________________

• People must make choices.
• Scarcity means that there are unlimited resources, and therefore, people don't have to make decisions.
• Scarcity means that there are limited resources, and therefore, people must make choices.
• Scarcity means that there is a surplus of resources, and therefore, people have more than enough resources.

__________________________ is when countries depend on one another.

• INTERDEPENDENCE

• DEPENDENT

• SPECIALIZATION

• INDEPENDENCE

What happens when the supply decreases but the demand increases for a product?

• The price falls
• The price stays the same
• The price goes up
• The price drops

What is global economic interdependence?

• When one country rules over another
• Cultural diffusion
• When two countries depend on each other for resources or goods
• When two countries go to war

Economic System where there is limited technology and ideas are passed down from generation to generation

• Command
• Traditional
• Mixed
• Market

Type of Economy that is half command and half market

• Traditional
• Command
• Market 
• Mixed

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

• It stays the same
• Price goes down
• Price goes up
• It's FREE!!