Share G4 Term 2 Week 4
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What is an economy?
A system of trade and money.
Who supplies goods. buyers or sellers?
sellers
Who demands goods, buyers or sellers?
buyers
What is supply and demand?
amount of an item and how popular it is
What happens if buyers want more of a scarce item?
Price goes higher.
What happens if sellers need money quickly?
Price goes lower.
How do companies compete with each other?
Lower prices or more choices.
Who has control with many choices?
Buyers have control.
What is scarcity?
A shortage of products.
Who has control when goods are scarce?
Sellers have control.
What is opportunity cost?
The things you want but dont buy.
What are the things you want, but dont choose to buy called?
opportunity costs
Why did the 49ers go to California?
To find gold.
Why were supplies expensive for the 49ers?
supplies were scarce
