1. VOCABULARY Economics Natural resources Goods/products Barter Trade
Supply
Demand
Scarcity
surplus

2. Supply
Noun- the amount of something that is available. What you have.

3. 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.

4. What is everybody buying? What’s the demand?

5. 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.

6. Scarcity Scarcity (noun)- Not enough. Rare.
Example: There is a scarcity of sun stones. Some people have to rub sticks for fire.

7. Surplus
Noun –too much, extra or more than you need

8. 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.

9. Barter Verb- To trade without the using money
Example: People bartered fish for grain.

10. Bartering

11. goods/products
Nouns- Things for sale; something that is made to be sold

12. Natural Resources Noun- something to use from nature
Example: 2 natural resources from China are coal and wood.

13. Natural Resources

14. Economics
Everything that has to do with money. The way we trade, buy, sell, make things, use and decide value.