Download presentation
Presentation is loading. Please wait.
1
Economics 6th Grade
2
Economics The study of how people meet their wants and needs: what to produce; how to produce; and for whom to produce
3
Currency Generally accepted form of money issued by a government – used as a medium of exchange for goods and services -Ex: merchandise, commodities, workers, paper money
4
Barter Exchange goods or services for other goods or services without using money -Ex: bread exchanged for butter
5
Ex: Cars, books, cheerios, cell phone
goods Something that you can touch or hold that consumers want that are supplied by producers. Ex: Cars, books, cheerios, cell phone
6
services Services are things you cannot hold
but that consumers want or need that are produced in the economy. Examples: lawn care workers, dentists, barbers, waiters, etc
7
The amount of a product that is available for the consumer to purchase
supply The amount of a product that is available for the consumer to purchase `````````````````````````````` Ex: I have a bushel of apples to sell
8
demand How much consumers are able and willing to pay for the product
Ex: Air Jordan's go from $100 to $75 more people will buy them
9
Not enough good/services to satisfy consumers
scarcity Not enough good/services to satisfy consumers Ex: Ms. Reed doesn’t have enough pencils for all the students in the classroom.
10
producer People and/or companies which make and supply goods and services. Ex – Farmers, Ford Motor Company
11
A person/group/company who buys a service or product.
Consumer A person/group/company who buys a service or product. Ex – a family that buys a car
12
Natural Resources Raw materials that come from earth (not man made)
Examples – petroleum, gold, bananas, water, etc
13
Human Resources The workers needed to make and sell goods and services
Ex - machine operator (human), cook, teacher, fire fighter
14
Capital Resources Items such as land, buildings, equipment & machines that help workers make goods & provide services Ex: hammer, mail truck, pen
15
specialization Producing only goods/services that an individual or country is good at to increase efficiency. Ex: Floridian Oranges
16
Competition More than one person/company is selling a good or service. This often lowers prices. Ex: Fast food restaurants – McDonalds, Wendy’s, Burger King
17
Trade The exchange of goods or services for
other goods and services or money.
18
Import To receive goods/services from another country Ex: America buys and receives coffee beans from South America
19
Export To send goods/services to another country -Ex: US sends cars to other countries
20
Tariff Tax on imports
21
Market A place where people buy and sell goods or services Ex: Shopping mall, flea market, black market
Similar presentations
© 2024 SlidePlayer.com Inc.
All rights reserved.