What is an economy?
The wealth (money) and resources of a country.
Name 3 different currencies?
USD, Won, Vietnam Dong, Yen, Euro, etc...
What do we call a person who manufactures or creates things?
A producer
A baker who makes fresh bread and an artist who paints a picture are both examples of what?
Producers
Name 3 examples of a "good"
Video games, cakes, paper, shoes, any THING you can buy
Name 3 examples of a "service"?
Teachers, cleaners, chefs, any job that a person does for money.
What is the "invisible rule" that controls the cost of everything in a market?
Supply and Demand
How much of a product is available to buy is also known as _________
Supply
How many consumers actually want to buy a product is also known as ________.
Demand
What usually happens to the price of an item if the supply is very LOW but the demand is very HIGH?
The price goes up!
What usually happens to the price of an item if a store has too much supply (HIGH supply) but nobody wants to buy it (LOW demand)?
The price goes down.
Having limited resources but endless wants and demands is known as ___________.
Scarcity
Macro problem or Micro Problem: If you have a limited amount of allowance money and have to choose between buying a video game or saving it, what level of scarcity are you experiencing?
Micro
Macro problem or Micro Problem: When a whole country runs out of a major resource like clean water or oil, this is an example of scarcity on a:
Macro
Anything that people can use to meet their needs is known as a ___________.
Resource
