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Understanding Supply, Demand, Scarcity, and Economic & Political Systems

Explore the fundamentals of supply, demand, scarcity, economic systems, and political systems to grasp essential concepts in economics and governance. Learn about market economies, command economies, scarcity effects, and diverse political systems globally.

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Understanding Supply, Demand, Scarcity, and Economic & Political Systems

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  1. Supply Demand Scarcity Economic Systems Political Systems 1pt 1 pt 1 pt 1pt 1 pt 2 pt 2 pt 2pt 2pt 2 pt 3 pt 3 pt 3 pt 3 pt 3 pt 4 pt 4 pt 4pt 4 pt 4pt 5pt 5 pt 5 pt 5 pt 5 pt

  2. What is supply?

  3. The amount of goods or services available at all prices.

  4. What happens to supply when prices go up?

  5. Supply also goes up.

  6. What happens to supply when the price goes down?

  7. Supply will also decrease.

  8. This is an example of a what?

  9. Supply Curve

  10. How do production costs affect the price of goods? Daily Double!! Daily Double!!

  11. If costs for production rise then the supply will decrease, but if costs fall then supply will increase.

  12. What does the term demand mean?

  13. The quantities of goods consumers are willing and able to buy.

  14. What does this graph represent?

  15. Demand Curve

  16. If your income goes up, how will that effect demand for goods?

  17. Demand will also increase.

  18. Give an example of substitution as a factor of demand.

  19. Answers may vary. Going to McDonals, Burger King, or Wendy’s. Going to Save-a-lot instead of Kroger. Buying “Private Selection” brands instead of “Name Brands” Choosing Dunkin Donuts instead of Starbucks

  20. When price goes up, demand goes ______. When price goes down, demand goes ____.

  21. Down Up

  22. What is the term for having too high demand and not enough supply to meet that demand?

  23. Scarcity

  24. How do fertility rates affect distribution of scarce supplies?

  25. Larger populations may cause scarce supplies to vanish. Governments may have to ration supplies.

  26. Describe a real example that would represent scarcity in the United States.

  27. (May Vary) Gasoline prices, toys sold during holidays, ebay items, Pawn Stars

  28. What contributed to the scarcity of black truffles?

  29. Difficulty to find. Can’t farm them. Certain climates needed.

  30. What would be the consequence of being able to farm truffles around the globe?

  31. Truffles would become less scarce and as such the price would decrease as supplies grew.

  32. What is the economic system of America?

  33. Market economy / free enterprise / capitalism

  34. What is the economic system of North Korea?

  35. Command economy / communism

  36. What is socialism? And give an example of a country.

  37. Socialism is when the government has some control over businesses. Ex. Venezuela

  38. Give me an example of a traditional economy.

  39. The Eskimos living in Nunavut, Canada

  40. What is Gross Domestic Product (GDP)?

  41. The overall value of goods and services produced within a country.

  42. What is the political system (government) of Cuba?

  43. Dictatorship

  44. What two government systems does Britain combine?

  45. A monarchy with a republic.

  46. Name two of the four reasons to understand how dictators keep their power.

  47. The use of force / army. Promise of better life for the poor. People are used to a dictatorship. Get help from other oppressive governments.

  48. Why is the United States not considered a direct democracy?

  49. The country is too large to have the entire population vote on every law and policy. Citizens couldn’t get anything else done.

  50. Is there any one political system that works best all the time? Why?

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