Download economics - Windsor C

Unit 7: Consumer Skills
Section 1: Economics
I CAN:
Define many economic factors, such as:
Consumer, Supply, Demand, Goods,
Services, Intermediate Goods, Market,
Market System, Market value, Medium of
exchange, Per capita GDP, Gross
Domestic Product GDP, Price Producers,
Public Goods
 I can explain how each of the above affect
me as a consumer.

Welcome to America!


We live in a market system: this means that
price is determined by the price producers
(people who make stuff and use the market
[where everything is bought or sold] to
determine what to charge) and consumers
(people who buy stuff)
Gross domestic product (GDP) is the
market value (amount people paid) of all
officially recognized final goods and services
produced within a country in a year
 Countries divide this by their population to find
average standard of living. This is called GDP per
capita

USA GDP trends via the St. Louis
FED
◦ http://research.stlouisfed.org/fred2/series/GD
P

Quality of Life Index 2014
◦ http://www.numbeo.com/quality-oflife/rankings_by_country.jsp

Current Comparison of all
Countries’ GDP
◦ http://countryeconomy.com/gdp
Elements of the Economy
Goods: materials that you purchase
◦ Intermediate Goods: goods that are used
to make other goods. EX: a car engine must
be made, then is used to make a car
◦ Public Goods: goods provided by our taxes
to everyone EX: roads, libraries, schools
 Services: an intangible (non-material) purchase
EX: hiring mechanic, handyman, lawn mowing
 Supply: How many goods or services there
are
 Demand: How any consumers want to buy
goods and services

CAN I?
Define many economic factors, such as:
Consumer, Supply, Demand, Goods, Services,
Intermediate Goods, Market, Market System,
Market value, Medium of exchange, Per
capita GDP, Gross Domestic Product GDP,
Price Producers, Public Goods
 I can explain how each of the above affect
me as a consumer.
I can prove this by completing Mrs. K’s super
fun whole class activity!
