Eco-Bus

• What are needs in the context of survival?


  Essential things for survival, such as food, water, and shelter
• How do wants differ from needs?


  Wants are things we desire but are not necessary for survival
• What are goods?


  Physical, tangible items that can be seen and touched
• What are services?


  Actions done for you by others to satisfy needs and wants
• Who are consumers?


  Buyers who are the final users of goods and services
• Who are producers?


  Individuals and businesses involved in the production of goods and services
• What are economic systems?


  The total activities for producing, distributing, and consuming goods and services
• What is an economy?


  A system to determine what to produce, how to produce, and to whom to distribute
• What is relative scarcity?


  The economic problem of unlimited needs and wants with limited means
• What is interest?


  The charge for the use of money that has been deposited or borrowed
• What are markets?


  Places where buyers and sellers exchange goods and services for money
• What are unemployment benefits?


  Government payments to assist individuals who are not employed
• What is the cost of living?


  The amount of money needed to cover basic expenses in a certain place and time
• What is supply?


  The total amount of goods and services available to consumers
• Who controls the supply of goods and services?


  Producers control the supply of goods and services
• What is demand?


  The consumer's desire to purchase products at a given price
• Who controls demand?

  Consumers control demand for products
• What is equilibrium price?


  The price where demand and supply are equal
• How is equilibrium price reached?


  Producers adjust prices until all products are sold and demand equals supply
• What is disposable income?


  The amount of money available for spending and saving after taxes
• What is percentage mark-up?


  Pricing goods a certain percentage higher than costs to make a profit
• What is inflation?


  The rate of increase of prices over a given time
• What is infrastructure?


  The basic physical and organizational structures needed for society's operation
• What is capital growth?


  An increase in the value of shares or property over time
• What are welfare benefits?


  Financial support provided by the government to disadvantaged individuals
• What is a government budget?


  The government's plan for expenditure and taxation for the following year
• What are the key components of needs and wants in economics?

  • Needs: Essential for survival (food, water, shelter)
  • Wants: Desires not necessary for survival
• What is the relationship between supply and demand?

  • Supply: Total amount of goods/services available
  • Demand: Consumer's desire to purchase products
  • Equilibrium Price: Where supply and demand are equal