economics https www youtube comwatc h v3 ez

economics https: //www. youtube. com/watc h? v=3 ez 10 ADR_g. M

What is economics

“Every gun that is made, every warship launched, every rocket fired signifies, in the final sense, a theft from those who hunger are not fed, those who are cold and not clothed. This world in arms is not spending money alone. It is spending the sweat of its laborers, the genius of scientists, the hopes of its children. ” -Dwight D. Eisenhower

Vocab Capital-money & goods used to help people make or do things Entrepreneurship- the act of running a business and taking on the risks of that business Supply-The amount of something that is available Demand-The desire that a person has to buy something Scarcity- a lack of a resource Opportunity cost- what a person gives up when they choose to buy or make something Globalization-The growth in free trade between countries

Traditional economy-An economic system based on custom Command economy-an economic system in which a central government makes economic decision Recession-a period of slow economic growth Inflation-A rise in prices & a drop in the value of money Exports-goods sent from one country to another in trade Imports-goods brought into one country from another in trade Barter-To trade by exchanging one good for another

Lemonade Stand Economics 1. 2. 3. 4. 5. 6. 7. Molly has never run a business before but uses her birthday money to buy supplies, open and run her own lemonade stand. Molly uses $17 to buy lemons, sugar, cups, and ice. The amount of lemonade Molly makes to sell. How many people are willing to pay for lemonade. Molly runs out of lemonade but still has people in line. Molly said no to going to the pool with Susie so she could work at her lemonade stand. Joe doesn’t have money so he gave Molly a tamale for a cup of lemonade.

Lemonade Stand Economics 1. 2. 3. 4. 5. 6. 7. Entrepreneurship Capital Supply Demand Scarcity Opportunity Cost Barter

Make your own economy Use at least 6 of the 12 new vocab words to describe an economy similar to Molly’s lemonade stand. Babysitter Garage sale Tamale stand Paletero Dog walker Taco Stand ? ? ?