Economics. SOL 3.7 SOL 3.8 SOL 3.9 SOL 3.10. Exchange To trade one thing for another. Example: I want to trade in my green disk for a blue one. Barter The exchange of goods or service without money. Example: I’ll give you my cake for your ice cream.
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To trade one thing for another.
Example:I want to trade in my green disk for a blue one.
The exchange of goods or service without money.
Example: I’ll give you my cake for your ice cream.
Needs – what people must have to live.
Wants – the things we would like to have, but can live without.
You make an economic choice when you only have money for certain items, not all.
I do not have enough money for both popcorn and a pretzel. I must choose, so I buy the popcorn. That is my economic choice.
Opportunity cost what you must give up when you make an economic choice.
I chose the popcorn, so I have to give up the pretzel. That is my opportunity cost.
Supply is the amount of a good or service available.
Demand is what people are willing and able to buy.
I would like to buy one candy cane, please.
The Ice Cream Singers
Oh no! Ice cream is scarce!
“I scream, you scream, we all scream for ice cream! La, la, la, la, la!”
Oil CoalTrees Water
Producers make goods or provide services.
Consumers use or buy goods and services.
Individuals or groups who concentrate on one type of good or service.
People need each other for goods and services.
The Ancient Greeks traded their goods across the Mediterranean Sea.