Wants and Needs
What is a need?
Something that you need to survive.
What is a producer?
Someone who makes goods.
Choice, Opportunity Cost, Income, Market
Income
A farmer collects eggs from his chickens each day and sells them. Rebecca eats the eggs with her breakfast. Is Rebecca a producer or a consumer?
Consumer
A grocery store is a place where people exchange money to buy goods and services that are being sold by a seller. The grocery store is an example of what term?
market
What is a want?
Something you would like to have but do not need to survive.
What is a consumer?
Someone who pays for goods and services.
Ms. Wolf gave money to her Girl Scont Troop. What word describes what Ms. Wolf did?
Dontate
Bob is riding his bike and falls off. He hurts his leg. He has to go to the doctor to have his arm leg in a cast. Is the doctor a producer or a consumer?
Producer
What is an allowance?
Something you earn from your parents for doing something.
What is a good?
Ms. Dyer went to the store and bought apples. Ms. Dyer is a...
Ms. Hornberger made a lemonade stand and got money from it. What word describes what she earned?
Income
Todd loves going to Dave & Buster's. Todd only has enough money for one game. He really wants to play two games: the claw machine or air hockey. Todd chooses to play the claw machine.
Based on his decision, what is Cameron's opportunity cost?
I really want a new phone. I put my allowance in my bank each night in order to pay for it. Putting my allowance in the bank is an example of which financial literacy term below?
Saving
What is a service?
Something that someone is paid to do a task for you.
Someone who makes apple pie for a market is a...
producer
I chose to put money into 3 different categories: spending, saving, and donating. What did I create?
Sam has a pair of shoes he loves, but he saw a new pair of basketball shoes that he thinks would be really cool to have. He decided to buy the basketball shoes. Is that satisfying a need or a want?
Want
What kind of market is amazon?
Online market
What word can be used to describe "things that satisfy people's wants?"
savings, opportunity cost, goods, market
goods
A plan you use to decide where your money goes.
In this unit, we learned about Saruni who lives in Africa. He went to an outdoor market to buy a bicycle. In your community, in what market could you buy a bicycle? (Outdoor Markets, Indoor Markets, or Online Markets)
Explain your answer.
An indoor market or an online market.
What is a teacher providing?
A service