Supply Noun- the amount of something that is available. What you have.
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.
What is everybody buying? Whats the demand?
Supply and Demand What people want compared to what is available. These kids want chairs. There arent enough. The supply is low. The demand is high.
Scarcity Scarcity (noun)- Not enough. Rare. Example: There is a scarcity of sun stones. Some people have to rub sticks for fire.
Surplus Noun –too much, extra or more than you need
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.
Barter Verb- To trade without the using money Example: People bartered fish for grain.
goods/products Nouns- Things for sale; something that is made to be sold
Natural Resources Noun- something to use from nature Example: 2 natural resources from China are coal and wood.
Economics Everything that has to do with money. The way we trade, buy, sell, make things, use and decide value.