Unit 7: Consumer Skills Section 1: Economics

I CAN: Define many economic factors, such as: Consumer, Supply, Demand, Goods, Services, Intermediate Goods, Market, Market System, Market value, Medium of exchange, Per capita GDP, Gross Domestic Product GDP, Price Producers, Public Goods I can explain how each of the above affect me as a consumer.

Welcome to America! We live in a market system: this means that price is determined by the price producers (people who make stuff and use the market [where everything is bought or sold] to determine what to charge) and consumers (people who buy stuff) Gross domestic product (GDP) is the market value (amount people paid) of all officially recognized final goods and services produced within a country in a year Countries divide this by their population to find average standard of living. This is called GDP per capita

USA GDP trends via the St. Louis FED ◦ P P Quality of Life Index 2014 ◦ life/rankings_by_country.jsp life/rankings_by_country.jsp Current Comparison of all Countries’ GDP ◦

Elements of the Economy Goods: materials that you purchase ◦ Intermediate Goods: goods that are used to make other goods. EX: a car engine must be made, then is used to make a car ◦ Public Goods: goods provided by our taxes to everyone EX: roads, libraries, schools Services: an intangible (non-material) purchase EX: hiring mechanic, handyman, lawn mowing Supply: How many goods or services there are Demand: How any consumers want to buy goods and services

CAN I? Define many economic factors, such as: Consumer, Supply, Demand, Goods, Services, Intermediate Goods, Market, Market System, Market value, Medium of exchange, Per capita GDP, Gross Domestic Product GDP, Price Producers, Public Goods I can explain how each of the above affect me as a consumer. I can prove this by completing Mrs. K’s super fun whole class activity!