Economy vocab

A system by which goods and services are produced and distributed (how we make and use our money as citizens).

• trade

• economics

• opportunity cost

• supply

Exchange of goods and services (often for money)

• trade

• economics

• opportunity cost

• supply

The quantity of something that producers have available for sale

• supply

• demand

whatever must be given up to obtain some item

• supply

• demand

• specialization

• opportunity cost

when prices affect the decisions people make -- sales, BOGO, 50% off

• price incentive

• trade

• economy

• demand

the quantity of a good or service that consumers are willing and able to buy

• supply

• demand

Mrs. Doss is buying new furniture for her house. She only has $2,000 to spend, but she decides to spend $5,000 using a credit card.

• smart shopper

• impulse buyer

Mrs. Drummond is buying a new car. She sees a shiny red sports car that she likes but its too expensive. She buys in anyway.

• smart shopper

• impulse buyer

Mrs. Bentley is buying a new washer and dryer. She researches the products online, compares prices and looks as reviews before buying.

• smart shopper

• impulse buyer

Mrs. Green wants to stock up on Christmas cards for next year. She goes to Walmart the day after Christmas and buys many boxes of cards that are 50 percent off.

• smart shopper

• impulse buyer