This was a very hard yet interesting project for me to do. Everything on the chart was a word that I did
not know which forced me to look up the meaning to it, and eventually led to me finding out more
information about credit cards. Before starting this
U.S. Market (Supply & Demand)
Nature of Demand:
Demand- the amount of a good or service that a consumer is willing and able to buy at various
prices during a given time period.
Quantity demand (amount of demand) what a consumer is willing and able to buy
1. Using the above link, read the information and take notes. Go to the highlighted links,
read and take notes. Notes Are Below:
- Based on what areas
Scarcity and Opportunity Costs if, this, then, that
Ex.) Oil, Coal, Clean Water, Copper, Food
Scarcity- unlimited wants and limited resources; basic economic problem for all
Opportunity cost- consequences of decision made on how to use
Khadijah Rikard- Econ Vocabulary List #2
Use these words in two or more paragraphs. 35 pts.
Adam Smith- Scottish social philosopher and political economist Adam Smith wrote The Wealth
of Nations and achieved the first comprehensive syst
Economics Lesson 1 (25 pts.)
Partners: Khadijah Rikard and Erin Neis
Economics- the science that deals with the production, distribution, and consumption of goods
and services, or the material welfare of humankind; financial considerations.
What does it cost to own a car?
Ownership (fixed) costs:
Depreciation (based on purchase price)
Interest on loan (if buying on credit)
Registration fee, license, taxes
Operating (variable) costs:
Oil and other fluids
Law of Supply Notes:
Complement to the Law of demand
Producers supply more when they can sell at a higher price.
Supply less when they have to sell for at a lower price.
Profit Motive- producers vary supply to maximize profit
Profits & Markets- profit g