SmartEconomics

Goods are what?

• items you buy

• when you pay other people to complete a task

• making goods and providing services

• buying goods and paying for servies

Services are what?

• items you buy

• when you pay other people to complete a task

• making goods and providing services

• buying goods and paying for servies

Producers are what?

• items you buy

• when you pay other people to complete a task

• making goods and providing services

• buying goods and paying for servies

Consumers are what?

• items you buy

• when you pay other people to complete a task

• making goods and providing services

• buying goods and paying for servies

Which of the following are examples of a strong economy?

• Restaurants are doing well

• consumers are spending money on many items

• few people are looking for jobs

• transportation costs are going up quickly

Which of the following are examples of a strong economy?

• Restaurants are doing well

• factories are expanding

• the number of houses being sold is increasing

• food costs are going up quickly

Which of the following are examples of a strong economy?

• prices of goods are slowly rising

• factories are shutting down

• the number of houses being sold is increasing

• prices of goods are quickly rising

If the price of an item goes up...

• Fewer items are usually sold

• More items are usually sold

• There would be no change

If the price of an item goes down...

• Fewer items are usually sold

• More items are usually sold

• There would be no change

What is supply?

• The number of items ready for sale

• The number of items consumers want to purchase

• if the supply of an item is more than its demand by consumers

• when consumers' demand for a product is greater than the supply