What is economics AnyoneBueller Bueller ECONOMY Making and

What is economics? ? Anyone…Bueller…. Bueller.

ECONOMY - Making and spending = $$$$.

Economy How a country meets the basic needs of its people

Free Enterprise Economy (Market) Businesses owners compete against each other Government interferes very little Prices are determined by supply and demand

Supply the amount of something available Demand desire to purchase goods or services at a certain time or place (How bad do people want it) Supply and Demand of a hula hoop Hula Hoop (Safe Share)

What happens to the price when… Supply is high, demand is low? Iphone 6 Supply is low, demand is high? Iphone 5 C

GOOD -an item of value, you can touch it.

Service -nonphysical products (intangible) that are of value to people

TRADE - the act or process of buying, selling, or exchanging goods; two kinds of trade are domestic and global or foreign

MARKET - where buying and selling of products takes place

IMPORT – to bring in (merchandise, commodities, workers, etc. ) from a foreign country for use, sale, processing, or services.

EXPORT – to send/ship out (commodities) to other countries or places for sale, exchange.

Canada's Economy

Governments provide public services and sometimes regulate business.

Examples of Government Regulation

RESOURCE - an item of value that people use natural – raw materials gotten from the earth human – people with certain skills capital – money, machines, buildings, etc

Kernel Essay Complete the Kernel Essay to show your knowledge of economy.

s i s ri SCARCITY up o r G C r e t a W Pac l a t. P ob Wat romi l G e s e r f s. M f o o r ore s T e n r Janu xas F a a a W ry 10 rme rs , 20 03 Eth iop Fam ia F ace ine s An - the inability to satisfy all of everyone’s needs oth er

Mexico’s Economy

TRADE BARRIER - anything that prevents trade from occurring freely

GLOBAL ECONOMY – the economy of the world

DOMESTIC TRADE – trade within a country’s borders

GLOBAL TRADE – trade between nations