1 / 14

Understanding Economics: Supply, Demand & Natural Resources

Delve into the study of how trade, supply, demand, and scarcity of goods impact economies, while exploring the importance of natural resources like oil and coal in shaping global markets. Learn key concepts and examples in this informative guide.

caitir
Download Presentation

Understanding Economics: Supply, Demand & Natural Resources

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

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

  2. Supply • Noun- the amount of something that is available. What you have.

  3. Demand Noun – the desire or need for something among a group of people. What people want. example: We don’t stock that product anymore because there is no demand for it. Idiomatic expression: in demand –wanted by a lot of people. Example: Air conditioners are always in demand at the beginning of the summer.

  4. Wal-Mart the day after Thanksgiving

  5. Supply and Demand • What people want compared to what is available.

  6. Scarcity • Noun- the quality or condition of being hard to find. Not enough. • Example: There is a scarcity of food in parts of Africa because of the drought.

  7. Surplus • Noun –extra or more than you need

  8. Trade • Verb: to buy and sell goods and services • Example: Many resort towns rely on the tourist trade. • Example: More and more countries are trading with China.

  9. Barter • Verb- To exchangeone thing or service for another without the use of money • Example: In remote parts of the country, people bartered vegetables for tools.

  10. Bartering

  11. goods/products • Nouns- What’s for sale; something that is made or produced

  12. Natural Resources • Noun- something that a person or country can use that is not man-made. For example, oil, natural gas, or coal. • Example: Brazil is a country rich in natural resources.

  13. Natural Resources

  14. Economics The study of how money, trade and industry are organized based on the supply and demand of goods and services.

More Related