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Published byMadisen Denton Modified over 10 years ago
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VOCABULARY Economics Natural resources Goods/products Barter Trade
Supply Demand Scarcity surplus
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Supply Noun- the amount of something that is available. What you have.
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Demand Demand (noun) –What people want. There is a demand for Skittles and Jolly Ranchers. Everybody loves them. Idiomatic expression: in demand –wanted by many people. Air conditioners are always in demand at the beginning of the hot season. Lots of people are buying them.
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What is everybody buying? What’s the demand?
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Supply and Demand What people want compared to what is available.
These kids want chairs. There aren’t enough. The supply is low. The demand is high.
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Scarcity Scarcity (noun)- Not enough. Rare.
Example: There is a scarcity of sun stones. Some people have to rub sticks for fire.
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Surplus Noun –too much, extra or more than you need
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Trade Noun – exchanging items.
Example: We made the trade. I gave you my 8-ball for your woolly mammoth book. Verb: to exchange items Example: I will trade you my sunstone for your spearthrower.
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Barter Verb- To trade without the using money
Example: People bartered fish for grain.
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Bartering
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goods/products Nouns- Things for sale; something that is made to be sold
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Natural Resources Noun- something to use from nature
Example: 2 natural resources from China are coal and wood.
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Natural Resources
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Economics Everything that has to do with money. The way we trade, buy, sell, make things, use and decide value.
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