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Ayanna Dennis

1. Scarcity- If I go to the store and there’s not enough toilet paper at the store for others people to buy that means that item is scarce.

2. Consumption of goods and services- If I buy clothes for my family members spending around $150 on items like shirts, pants, and shoes.

3. Effective demand- When I go to the shop and see  shoes I like, I might not buy them because they cost too much. Even though I want them,  If I save up and buy them later, that’s effective demand because I can actually pay for them.

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1.) scarcity- is when I go to a shop and want to buy something I really want bout don't have enough money for the item.

2.) factors of production- when you have a business and you have the items and when you have hard working employees

3.) market- bow & bow exchange or distribute goods to shop,store,and company.

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1. Opportunity Cost- If I choose to go to college instead of working, my opportunity cost would be the salary I could earn during those years.

2. Scarcity- If want new iPhone, but it is sold out so I need to wait or choose another brand or model.

3. Division of Labor- In a restaurant kitchen, one chef specializes in grilling, while another focuses on desserts.

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Circular flow of income

The family of four buy groceries from the nearby supermarket. The family provides labor to the business by earning income to buy groceries. The supermarket then uses the money to pay the workers. The government collects taxes from the business which go into the economy.

Division of labor

A bakery assigned the workload to those who specialize in it.

Fator of production

Publics produce the goods that is used by households.

Melanie Dematahettige

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1. A new phone model came out at first everyone was buying the phone paying the price but as the demand for the phone started to increase the producer raised the price even higher which caused demand to decrease.

2. Gasoline, medical supplies, and basic food items are inelastic.

3. Soft drinks, clothing, and luxury items are elastic.

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Lana Klymenko

3 Examples:

1. When I along with many others buy a specific kind of chips for that specific price, the seller knows he should buy more of that specific kind of chips and sell it for that price, this is called effective demand.

2. I went to the corner store and noticed the expensive bread was now on sale for a smaller price so now I noticed that everyone was buying that bread, this is called law of demand.

3. When I had to go and buy my new phone, I also needed to buy a charger for it, this is called complementary goods.

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The price of cooking oil increased by $4.00 so the demand for it decreased. -1st law of demand

I went into a shop, and I compared the price between a Coca-cola and Pepsi, so I bought the cheaper option. - 2nd law of demand

If I owned an oil company, I would have a monopoly market structure.

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1. Competitive demand- When I want to buy a new device, I am able to see the competitive demand between some companies.

2. Scarcity- People in many countries like Qatar are facing scarcity with basic supplied like food and water.

3. Division of labor- When I went to get my dress hemed, everyones tasks were given based on what they were best in, ensuring that everything is done in the best quality and quickly.

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Three specifics real life example I've last year was: 1.) Certain vegetables there were a shortage, so the price of that vegetable went up. (Price and Market) 2.) If the price for coca cola goes up a lot, students would just switch to a substitute like Pepsi instead. That shows elastic demand. (Elasticity) 3.) BEL is the only company that provides electricity in Belize. Monopoly (Market Structure) -Jazel Vidal

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1.When I decreased the price, I charge to do nails, I gained more clientele. Ceteris paribus as price decreases, quantity demanded increases.

2.In the salon I worked, they assigned me to do only nails and my coworker to do only hair. Each of these things were what we specialized in. Division of labour.

3.If I go and buy more nail products with the money I've made when I could use that money to buy stuff I need for myself like clothes and shoes, then that is an opportunity cost

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1. If I choose to buy a trending new dress, it comes at an opportunity cost because I could save that money to buy something useful or save the money.

2. When the price of a certain brand of toothpaste goes up, the demand for it may fall because the customers choose to purchase the cheaper brand.

3. Basic necessities like water, food, and toiletries are inelastic.

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Kymani Hyde

1There are two companies selling donuts, but both of then has a different flavor pallet. Both of them has their set costumers, but either can leave at any point in time and it wouldn't be a big impact on then or the community.

2 There is a water service company in the small town. It has been the only one there for so long, and all the pipes are connected to that one stating. Another person can into the tow wanting to also do a water service company, but it would be hard moving around the first company pipes and wiring,

3I went to the store wanting to buy two chips and a coke, but I only had five dollars. I had to put one chip back so I would be able to afford the coke.

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Elasticity

Gas - people still buy it even if the price goes up because they need it, so it’s inelastic.

Movie tickets - If the price goes up, many people will just stop going to the movies, so it’s elastic

Bread - it’s a basic necessity for people so even if the price rises people will still buy it, so it’s inelastic

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Example:

1. When I go to the shop and look at good, but I do not buy the good that is demand. Should I buy the good then that is effective demand.

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Give three specifics real life examples of any topic you learnt last year. Do it with the use bullets.