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Economics 08HASS_2 Stephanie Richards - Coggle Diagram
Economics 08HASS_2 Stephanie Richards
Needs and Wants
Needs are things you need to survive
Clothes
Water
Food
Shelter
Wants are thing that you are able to live without
Devices
Cars
Jewelry
Scarcity
Is if the product is hard to manufacture
Producers and Consumers
Producers
Are people or partnerships who sell goods or services
Consumers
Are people of the public who buy good or services from the producers
Supply and Demand
Supply
Supply is how much of the product is available to the community. If the product is popular it will cost more but it's not the price will drop .
Demand
Demand is the amount of a good or a service available to the
community and if they can get it. If the good or the service is in
high demand it will most likely cost more but if not many people are buying the good or service the price will decrease.