What is the "invisible rule" that controls the cost of everything in a market?
Supply and Demand
In economics, how is a "Need" different from a "Want"?
A need is required for survival (like food or water), while a want is just something nice to have (like a video game).
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
Anything that people can use to meet their needs is known as a ___________.
Resource
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.
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
Name 3 types of human resources...
Teachers, doctors, chefs, bakers, farmers, ANY job!
How much of a product is available to buy is also known as _________
Supply
What is the main purpose of "Diplomacy"?
To help different groups or countries talk to each other, solve problems, and make peaceful agreements
People who provide services or produce goods are known as _______.
Human resources
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
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!
Having limited resources but endless wants and demands is known as ___________.
Scarcity
What is an economy?
The wealth (money) and resources of a country.
What do we call a person who manufactures or creates things?
A producer
Name 3 examples of a "service"?
Teachers, cleaners, chefs, any job that a person does for money.
Name 3 different currencies?
USD, Won, Vietnam Dong, Yen, Euro, etc...
How many consumers actually want to buy a product is also known as ________.
Demand