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Economy Assessment
| Question | Answer |
|---|---|
| Need | is something we must have in order to live safe and healthy lives. |
| want | something we would like to have but it isn't needed to survive |
| goods | things that are made or grown and then sold to a consumer |
| services | actions or a job someone does for you like give you a haircut or going to a doctor for a checkup |
| producer | a person who makes goods or provides a service. |
| consumer | a person who buys goods or uses a service |
| opportunity cost | what you give up when you chose one thing over another. |
| price | is how much you have to pay to buy a good or a service |
| supply | the amount of a good available to consumers |
| demand | is how much the consumers want something |
| taxes | the government will take these out of your paycheck to help pay for things everyone in our community uses likes roads, bridges and schools. |
| Relationship between supply and demand | when there is a large supply of a good or a service and a low demand, prices will go down. When there is a low supply of a good or service and a high demand, the prices will go up. |
| Difference between export and import | When goods come into our country from another country to be sold, they are imported. When goods leave our country to be sold in other countries they are exported. |
Created by:
mrselting