Chapter Three- Economic Roles
Chapter ThreeEconomic Roles
Economic Roles
Three Roles
Consumer- purchasing a good Worker- help provide a service Citizen- vote on an economic issue and
support a candidate
Supply and Demand
Demand- means the quantity of a product or service that consumers are willing and able to buy at a particular price
Supply- the quantity of a product or service that businesses are willing and able to provide at a particular price
Consumer Role
By buying goods, you help businesses make their decisions by casting a "dollar vote" for it and demanding that product
Knowing the demand of a product can help tell businesses how much they need to supply of that product
Businesses have to make the prices high enough so it will cover the manufacturing of the product
Consumer Role
The price of a demanded product can't be too high or too low
If it's too high: consumers won't buy it If it's too low: suppliers won't make a profit
The supply of the product affects the price
If the demand for a product is high, the price will be higher.
If the demand is low, the prices will be lower.
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