Supply and Demand by Caff

Supply

• when the supply of a good or service is more than the demand

• How many people want or need something

• How much of something is available for people to buy

• Merry Christmas

Demand

• When the supply of a good or service is more than the demand

• How many people want or need something

• How much of someting is available for people to buy

• Rudolph has a red nose

Surplus

• When the supply of a good or service is more than the demand

• How many people want or need something

• How much of someting is available for people to buy

• Elves have pointy ears

Scarcity

• The value of what you give up when you make a choice

• When there is more demand for something

• Focusing on making one product or service or trade

• Santa lives at the North Pole.

Opportunity Cost

• The value of what you give up when you make a choice

• When there is more demand for something

• Focusing on making one product or service or trade

• Mrs. Claus is Santa's wife

Specialization

• The value of what you give up when you make a choice

• When there is more demand for something

• Focusing on making one product or service or trade

• Elves make toys.

Interdependence

• Goods brought in from other countries

• When people depend on each other to provide products that meet needs and wants

• Goods sent out to other countries

• When you buy, sell or exchange a good or service for something you want or need.

Trade

• Goods brought in from other countries

• When people depend on each other to provide products that meet needs and wants

• Goods sent out to other countries

• When you buy, sell or exchange a good or service for something you want or need.

Import

• Goods brought in from other countries

• When people depend on each other to provide products that meet needs and wants

• Goods sent out to other countries

• When you buy, sell or exchange a good or service for something you want or need.

export

• Goods brought in from other countries

• When people depend on each other to provide products that meet needs and wants

• Goods sent out to other countries

• When you buy, sell or exchange a good or service for something you want or need.