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
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
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).
Name 3 different currencies?
USD, Won, Vietnam Dong, Yen, Euro, etc...
Name 3 examples of a "service"?
Teachers, cleaners, chefs, any job that a person does for money.
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!
Name 3 types of human resources...
Teachers, doctors, chefs, bakers, farmers, ANY job!
A baker who makes fresh bread and an artist who paints a picture are both examples of what?
Producers
What is an economy?
The wealth (money) and resources of a country.
How many consumers actually want to buy a product is also known as ________.
Demand
What is the "invisible rule" that controls the cost of everything in a market?
Supply and Demand
What is the main purpose of "Diplomacy"?
To help different groups or countries talk to each other, solve problems, and make peaceful agreements
How much of a product is available to buy is also known as _________
Supply
Anything that people can use to meet their needs is known as a ___________.
Resource
What do we call a person who manufactures or creates things?
A producer
Name 3 examples of a "good"
Video games, cakes, paper, shoes, any THING you can buy
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