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SS week 11
| Question | Answer |
|---|---|
| producer | someone who makes a good or provides a service |
| consumer | a person who buys goods and services |
| supply | the amount of products that is available |
| demand | the amount of product of product people actually want or need |
| A ________ occurs when there's a greater supply of something than a demand for it. | surplus |
| ___________ is not having enough of something. | scarcity |
| ___________ is mutually relying on each other to get things done. | Interdependence |
| When you buy, sell, or exchange a good or service for something else you want or need it is called a ______. | trade |
| The government's main economic role is to use money and funds to provide ________ to citizens. | services |
| What is it called to trade goods without using money? | bartering |
| Opportunity cost is the value of what is given up when a ______ ___ _____. | choice is made |
| Give an example of opportunity cost. | You have $20. Your friends want to go see a movie but you want to buy a new book. You have to make a choice on how to spend your money. You have to determine how much each cost, do you have enough money. |
| How does supply and demand effect the price of goods and services? | Supply is the product available. Demand is the product people need/want. If their is a higher demand, or shortage or supply, the supplier will charge more. If there is a great supply of the product a surplus can occur, no one usually is buying. |
Created by:
rformby01
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