Economy The amount of money and the way it is spent in a country. Is there a lot of spending money or a little bit of spending money? If people in a country have money to spend the economy is good. If people in a country do not have jobs and don’t have money to spend then the economy is bad.
Goods Things (stuff) you can buy. If you can touch it then it’s a “good.”
Services When you DO something for someone it is called a service. Teaching Cleaners Sales people Bakers Doctors ________________?
Supply The amount of stuff you have to sell. The number of things you have to sell.
Demand The number of people who want to buy your goods or services. If demand goes up prices go up. If demand goes down prices go down.
Prices go up when everyone wants the same thing. Most people want gasoline but there isn’t much to sell. When the supply of gas is low (the amount you have to sell) then prices go UP.
Prices go down when few people want what you are selling. Only a few people want to dirt flavored jelly beans so the price goes down. When only a few people want something there is a sale.
Human Resources The workers (people) at a business. Examples: teachers, doctors, sales clerks, waitress, mechanics
Capital Resources The things used at a place of business. Examples: cash register, the building, ovens, desks, chairs
Natural Resources The things found naturally on earth (NOT man made). Examples: trees, fish, rocks, rivers
The things people make or grow is called goods?
A service is what people provide when they do something to help others.
Economy is the way a country makes and uses its money.
A producer is someone who grows or makes something to sell.
Consumers are people who buy goods and services?
Supply is term for the amount of goods available to sell?
When the supply of an object is greater than the demand then the price goes down. More stuff than people who want it.
A shortage of a goods in the marketplace is called a scarcity.
A plan for how to use your money is called a budget.
Income is the money you earn for doing a job.
Expenses are the things that money is spent on.
The place where people sell things is called a marketplace.
When something is made in a factory over and over on an assembly line it is called mass production.
By: Miss Hultenius