Economics

A plan for using your money wisely.

What you are willing to give up in order to buy something else.

Kroger gets 550 lbs of apples. This week they get 1000 lbs. What is likely to happen next?

Going to the store to buy milk and eggs is an example of:

You can earn interest by saving your money in a bank. Why doe the bank pay interest?

People usually borrow money from banks to buy

How much sales tax does a poor person pay on a pack of crayons compared to a rich person?

Rate which is charged or paid for the use of money by banks.

How does raising the price of a good affect supply?

Money given that must be paid back.

You do dishes, your sis cleans her room, and your father folds laundry. This is an example of:

What is an example of a human resources?

One store sells light bulbs, another sells lamps. This is an example of:

The desire people have to buy a product or service.

Demand regulates the price of an item. If there is a shortage of basketball, the price will

Government plays a large role in our economy. What is a major role for the govt in US economy?

Why do people comparison shop?

The amount of goods available at a given time is called:

Economy in which people make business decisions, not the government.

A rivalry between different stores to keep prices low is called:

Tools needed for making things (tractors, computers)

Providing one kind of a product or service (Nike--shoes) is called:

Shortage of goods or services is called:

Total amount of things that a group of people can produce is called:

Companies in the US and Canada often buy and sell items to one another. This is called:

On a farm the hens became infected with a virus. What will happen to the price of eggs?

Before our current currency was introduced, people relied on:

The production of goods is based on supply and demand which is an example of: