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Out of country goods.

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Kstate football tickets

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Avacodo prices

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Real life example: if more people start buying avocados the price will go up since they have a higher demand. And if less people buy them they will have a higher quantity and will lower the price.

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Def: the price and quantity of goods and services in the marketplace are largely determined by consumer demand

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Guacamole in some places is harder to get making it more expensive in restaurants that commonly use them.  Chipotle🙄😂

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If apples go through shortage then they are going to be more expensive then other foods that are more available.

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If a food goes through shortage it gets more expensive

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Real life example: for any price higher then $60, the quantity demand is greater then the quantity supplied.

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Definition: where the quantity of goods supplied is equal to the quantity of goods demanded.

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If we lose supply to metal to make silverware we would have to eat with our hands.

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If we lose supply of vegetables, they will soon become very expensive.

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Losing supply of meat could cause us to not get enough protein and not be able to eat meat for a cheaper price anymore.a

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How its used in the real world.  If you supply more apples and bananas and increase the production the cost will go down. If you lose supply then the fruits will become more important.

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Definition: make something needed or wanted.

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Henry ford used the assembly line which has to do with specialization division of labor.  They all combined parts and made pieces to soon make a car.

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Everybody would do one thing at a Time and combine the parts to make something big.

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If each worker is making pins each worker would work on one section of the pin.

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It is used in making cars in the 1900s and is still used today.

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Def:  each worker in a work space can become good at doing one thing specifically.

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Enterprise: which brings all of the natural resources together.

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Examples: land including all of the natural resources.

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Capital: including all man made resources

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Labor: including all Human Resources.

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Used in the real world:  four categories, land, labor, capital, and entrepreneurship.

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Definition in own words.  Inputs are put into the production process to produce output.

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Employing extra workers.  Employing the workers  can be difficult because of the lack of space in the work environment.

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Example #2:  the use of chemical fertilizers. A small quantity leads to an increase in output.

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Usually shows the output and amount of money the product is making. 

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Usually shows the output and amount of money the product is making. 

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Example from real world:  how good a specific kind of coffee is doing and how good the company is doing.

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Definition in my own words: A graph to show the levels of how good a product is doing.