How it Works
The _______ is the cost of a good or service.
Price
Businesses' can offer _________ or _________ to customers.
goods or services
What is a plan for using money?
Budget
Why do people like online shopping?
They can buy things from home.
They do not have to shop in busy stores.
They can choose just what they want.
They can choose the right size and color.
What are the 3 main ways to use money?
1. Spend it
2. Save it
3. Give it away
__________ is all the goods and services consumers buy.
Demand
Someone who buys goods and services from a company is called a ________________.
Customer
What happens when producers charge LESS for goods?
Consumers buy MORE
Why are there sometimes problems with work?
Things do not always go as they should
God wants people to provide and care for others through their ________.
Work
The fun given up because of an option not chosen is called ___________ ______.
Opportunity Cost
Henry Ford was a producer. He made and sold _______.
Cars
How might people displease God with their work?
When people are dishonest and greedy.
Why do most people buy things with money?
1. Money is easy to carry
2. Everyone will take it
3. It makes prices fair because everyone pays the same amount for the good or service.
True or False?
A Christian should be content with the things he can afford.
True
_________ is having a limited amount of something
Scarcity
What is a business?
A group of workers that provides goods or services.
What happens when producers charge MORE for goods?
Consumers buy LESS
Why should Christians work hard?
God praises those who work hard and blesses those who work for Him.
How do producers and consumers help each other?
Producers make and sell goods consumers need and some offer services they cannot do for themselves.
Consumers buy goods and services. They help producers make money to meet their own needs or make more goods and services.
What are three types of resources?
1. Capital
2. Human
3. Natural
All the goods and services producers offer is called ____________.
Supply
How can you make good choices about money?
Learning what the Bible says about money.
Why do countries trade?
To get things they need and want
_____________ is when someone works at a job that requires special abilities.
Specialization