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

VOCABULARY

• Economics• Natural resources• Goods/products• Barter• Trade• Supply• Demand• Scarcity• surplus

Supply• Noun- the amount of something that is

available. What you have.

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.

What is everybody buying?What’s the demand?

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.

Scarcity• Scarcity (noun)- Not enough. Rare.• Example: There is a scarcity of sun stones.

Some people have to rub sticks for fire.

Surplus

• Noun –too much, extra or more than you need

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.

Barter

• Verb- To trade without the using money

• Example: People bartered fish for grain.

Bartering

goods/products

• Nouns- Things for sale; something that is made to be sold

Natural Resources

• Noun- something to use from nature

• Example: 2 natural resources from China are coal and wood.

Natural Resources

EconomicsEverything that has to do with money. The way we trade, buy, sell, make things,

use and decide value.