Needs vs. Wants
What is a need?
This is something you must have to survive.
What is demand?
Demand is how much people want or need something.
What is a producer?
A producer is someone who makes goods or provides services.
What is an import?
An import is a product brought into a country from another country.
Who was King Sejong?
A Korean king who strengthened systems and created Hangul.
What is a want?
A want is something you would like to have but do not need to survive.
What is supply?
Supply is how much of something is available.
What is a consumer?
A consumer is someone who buys and uses goods or services.
What is an export?
An export is a product made in one country and sold to another country.
Who was Alexander Hamilton?
An American leader who helped create the U.S. banking system.
Wants: toys, candy, a phone
Needs: food, water, shelter
If many people want the same toy, is the demand high or low?
High.
Is a farmer a producer or a consumer?
Producer.
If Korea sells cars to the United States, is that an import or export for Korea?
Export.
Why are strong banking systems important for a country?
They help manage money and support trade.
Why do needs usually come before wants?
Because people must meet their basic needs to stay safe and healthy.
If there are only a few apples at the store, is supply high or low?
Low.
When you buy lunch at school, are you a producer or consumer?
Consumer.
Why do countries trade with each other?
Because no country can produce everything it needs or wants.
What do King Sejong and Alexander Hamilton have in common?
They both improved systems that strengthened their country’s economy.
How do needs and wants connect to demand?
People demand the things they need and want.
What might happen if demand is high but supply is low?
Prices may increase.
Why do producers and consumers depend on each other?
Producers need consumers to buy goods, and consumers need producers to make goods.
How does trade help countries meet their needs and wants?
Trade allows countries to get goods and resources they cannot easily produce themselves.
How do leaders, supply and demand, producers, consumers, and trade all connect?
Leaders build systems that organize money and trade. Producers supply goods, consumers create demand, and countries trade to meet needs and wants.