Study

G4 Term 2 Week 4

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