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Supply and Demand

Supply and Demand. KCCT Chapter 8. Please select a Team. Globe trotters Toxic wasters Awesome A’s Pretty Purple Princesses Rockstar M&Ms Golden Cobras. Effects of Scarcity. The basic economic problem in society is scarcity.

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Supply and Demand

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  1. Supply and Demand KCCT Chapter 8

  2. Please select a Team. • Globe trotters • Toxic wasters • Awesome A’s • Pretty Purple Princesses • Rockstar M&Ms • Golden Cobras

  3. Effects of Scarcity • The basic economic problem in society is scarcity. • SCARCITY means there isn’t enough of everything to give everybody everything they want • it is the imbalance between unlimited wants and LIMITED RESOURCES

  4. The effect of Scarcity • The opposite of scarcity is SURPLUS • Surplus exists when the supply of something is greater than the demand • When there is a surplus of something, the cost goes down • When there is a scarcity of something, the price goes up

  5. Effect of scarcity • There can be a scarcity or surplus of GOODS or SERVICES or RESOURCES • GOODS are actual products that people buy and sell • SERVICES are work done by professionals (the service is bought or sold) • RESOURCES can be money, land, and labor

  6. Which of the following is the MOST scarce? • candy bars • diamonds • shoes • compact disks Response Grid

  7. Which of the following is a service? • a new photocopier • toner (ink) for the photocopier • photocopier paper • photocopier installation Response Grid

  8. Fastest Responders (in seconds)

  9. When there is scarcity, there is: • more than is needed • less than is needed • just the right amount as needed • nothing that is needed Response Grid

  10. Which of the following is not a person who provides a service? • plumber • hair stylist • farmer • bus driver Response Grid

  11. Racing Leader Board

  12. Goods and Services • a person that purchases a good or service is known as a CONSUMER • every time you buy something or hire someone to do something for you, you are a consumer! • Consumers buy goods and services to satisfy economic wants and needs

  13. Goods and Services • NEEDS (NECESSITIES) are items or services which are necessary for survival • WANTS (LUXURIES) are items that are nice to have, but are not necessary for survival

  14. In order to be considered a consumer, you must: • manufacture something • sell something • purchase something • grow something Response Grid

  15. Which of the following items is a luxury? • medicine • pants • water • ice cream Response Grid

  16. Which of the following is a need? • a bed • flip-flops • a car • asthma medicine Response Grid

  17. Participant Scores

  18. Opportunity Cost • when you purchase a good or service from someone, the amount of money you pay is the cost • However, the true cost of the item is greater than the money you paid for it—it’s also what you gave up to buy it • whatever you give up to buy something is called your OPPORTUNITY COST

  19. Opportunity Cost • Every time you make a decision, there is an OPPORTUNITY COST. • In economics, the goal is to use your RESOURCES as wisely as possible

  20. You have $15 either to go to a movie with a friend or to buy a new CD. You decide to purchase the CD. Which is the opportunity cost? • buying the CD • giving up the movie • $15 • there is no opportunity cost Response Grid

  21. You decided to come to school today. Which of the following is NOT your opportunity cost? • doing a “turning point” lesson • sleeping in • doing what you want at home • watching TV Response Grid

  22. Racing Leader Board

  23. A store’s warehouse contains 500 televisions, 1000 radios, 500 DVD players, and 20 theater systems. There is the greatest scarcity of which item? • televisions • radios • DVD players • theater systems Response Grid

  24. Scarcity requires people to make: • purchases • choices • goods • services Response Grid

  25. Team MVP

  26. Which of the following is a product? • marketing consultation • personal computer • legal representation • medical care Response Grid

  27. Which of the following people provides an economic service that meets a need? • movie theater owner • water treatment plant operator • passenger airplane manufacturer • internet service provider Response Grid

  28. What percentage of your current points would you like to wager on the next question? • 0% • 25% • 50% • 75% • 100% Response Grid

  29. Joe went to the casino and gambled his entire paycheck, $342.17, away instead of buying food for his family. What was the opportunity cost of his decision? • being able to buy food for his family • being able to gamble • $342.17 • there was no opportunity cost Response Grid

  30. Racing Leader Board

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