Basic econ terms part 1

The quantity of a good or service that consumers are willing and able to buy at different prices.

Demand

The amount of a good or service that producers are willing and able to sell at different prices.

Supply

• How much the quantity demanded or supplied of a good responds to changes in price.

• Picture a rubber band: When prices go up, does demand stretch or snap? Elasticity helps us understand the stretchiness of our economic rubber bands.

​Scarcity - The Goldilocks Dilemma

• Scarcity: The fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources.

• Think of Goldilocks searching for the perfect bowl of porridge – we all want more, but

Equilibrium - Finding the Sweet Spot

• Equilibrium: The point where the 'quantity demanded' equals the 'quantity supplied', resulting in a stable market price.

• It's like a seesaw – when supply and demand are perfectly balanced, the market is in equilibrium. No one's up in the air, and everyone's happy!

The real world

Time for some interaction! Find real life examples of each of the terms we just learned. Describe how these terms affect the economy.

​Opportunity Cost - The Cost of Choices

• Title: "Opportunity Cost - The Cost of Choices"

• Definition: The value of the next best alternative forgone when a decision is made.

• Visual: A fork in the road, representing choices and alternatives.

Balancing act

• Trade-offs - Balancing Acts"

• Definition: Sacrificing one option for another due to limited resources.

• Visual: Characters juggling different choices, showcasing trade-offs.

​The rise in prices

• Definition: The general increase in prices, leading to a decrease in purchasing power.

• Visual: Graph depicting rising prices over time.

- Economic Challenges

• Definition: The state of not having a job despite actively seeking employment.

• Visual: Depiction of job market challenges.