Spending or Saving?
Deposit money into your bank account.
What is saving
Work done by someone to help another person
What is a service?
Stores are stocking up for the holidays. They get new shipments of items in every day.
Is the supply of school supplies high or low?
What is high?
A home
What is a need?
A family is eating dinner made with food they bought from the grocery store.
What is a consumer?
Buy dog food.
What is spending
What are goods?
There is a cool new toy out called Roboman that every kid wants.
Is the demand for Roboman high or low?
What is high?
A cupcake
What is a want?
What is a producer?
You decide to wait to buy the new game that just came out until after Christmas.
A bicycle, a book, and a backpack are all examples of this economic term for things you can touch and buy.
What are goods?
When a new video game becomes super popular, and stores only have a few copies left, this economic force can cause the price to go up.
What is demand?
Tickets to your favorite singer in concert.
What is a want?
A baker who makes bread to sell at the market is this type of economic participant.
What is a producer?
You have $20 and want a $50 skateboard. Instead of buying snacks now, you put the money in a jar to reach your goal faster. This choice is an example of what?
What is saving?
When someone fixes your bike, gives you a haircut, or teaches you a music lesson, they are providing this type of economic activity.
What are services?
A toy factory can make 500 action figures each week. If the factory decides to produce more because lots of stores want them, the total amount available for sale is called this.
What is supply?
Liam is going hiking and must bring water and a jacket to stay safe and healthy. These essential items that he cannot do without are examples of this.
What is a need?
Maria buys a sandwich from the bakery for lunch. In this situation, she is acting as this type of economic participant.
What is a consumer?
You’ve been given $15 for the school fair. Instead of putting it away for a future field trip, you use it to buy a T-shirt and snacks at the event. This choice is an example of what?
What is spending?
Unlike items you can hold, this type of economic product includes things like tutoring, dog-walking, and car repairs—where you pay for someone’s time or skills rather than a physical object.
What are services?
When a new sneaker becomes very popular, stores may run out quickly and prices can rise. The amount of sneakers available and how much people want them together show the relationship of this economic principle.
What is supply and demand?
Samantha needs to eat breakfast to stay healthy, but she also wishes she could buy the newest video game. The difference between what she must have to live and what she would like to have is called this.
What are wants and needs?
At a school bake sale, the students who make cookies and cupcakes are one type of economic participant, while the classmates who buy them are another. The two groups together show the roles of these participants in the economy.
What are producers and consumers?