1. What is economics??
Anyone….Anyone…Bueller….Bueller.

2. ECONOMY - Making and spending = $$$$.

3. Economy
How a country meets the basic needs of its people

4. Free Enterprise Economy (Market)
Businesses owners compete against each other
Government interferes very little
Prices are determined by supply and demand

5. Supply Demand the amount of something available
desire to purchase goods or services at a certain time or place (How bad do people want it)
Supply and Demand of a hula hoop
Hula Hoop (Safe Share)

6. What happens to the price when…
Supply is high, demand is low?
Iphone 6
Supply is low, demand is high?
Iphone 5C

7. GOOD -an item of value, you can touch it.

8. Service -nonphysical products (intangible) that are of value to people

9. TRADE - the act or process of buying, selling, or exchanging goods; two kinds of trade are domestic and global or foreign

10. MARKET - where buying and selling of products takes place

11. IMPORT – to bring in (merchandise, commodities, workers, etc
IMPORT – to bring in (merchandise, commodities, workers, etc.) from a foreign country for use, sale, processing, or services.

12. EXPORT – to send/ship out (commodities) to other countries or places for sale, exchange.

15. Canada's Economy

17. Governments
provide public services and sometimes regulate business.

18. Examples of Government Regulation

19. RESOURCE - an item of value that people use
natural – raw materials gotten from the earth
human – people with certain skills
capital – money, machines, buildings, etc

20. Complete the Kernel Essay to show your knowledge of economy.

21. SCARCITY - the inability to satisfy all of everyone’s needs
Group Warns of Global Water Crisis
Pact Promises More
Water
for Texas Farmers January 10, 2003
Ethiopia Faces Another Famine

22. Mexico’s Economy

23. TRADE BARRIER - anything that prevents trade from occurring freely

24. GLOBAL ECONOMY – the economy of the world

25. DOMESTIC TRADE – trade within a country’s borders

26. GLOBAL TRADE – trade between nations