Economics Review

Fish crews had an bad day, catching little seafood. What will happen to the supply of seafood?

The amount of goods or services that buyers are willing and able to buy

Winter is almost here. People want to buy snow shovels. What happens to the demand for rakes?

Three new Mustang dealerships have opened in your town. How would that affect Ford Mustangs?

1. The amount of money that people pay when they buy a good or service

A farmer put an apple stand by Fred's. Fred still receives same # of apples. Fred's apple price

Someone who buys goods or services

What happens to demand as prices decrease?

Whatever is “put in” product; what is needed to produce a product

Winter is almost here. Rakes still fill hardware stores. What happens to the supply of rakes?

Final product; the resulting goods or services; what comes “out”

A good or service sent to another country for sale

When there are not enough goods & services to satisfy wants & needs; supply is less than demand

Gas prices have doubled, how would that affect Ford Mustangs?

The thing(s) you give up when making a choice between two things (consequence)

The amount of goods or services producers are willing and able to offer.

The way a country spends money to produce, buy, and sell goods and services

A good or service brought into one country from another

Trade between countries in the world

Winter is almost here. People want to buy snow shovels. What happens to the price for rakes?

When supply is greater than demand (extra)

People who study the economy

GDP

Seafood counters are almost bare, customers still want the usual amount. What happens to price?

When people do the jobs they do the best or when a country does the job it does the best