Goods and Services
Allison went to the gas station and purchased a tank of gas. Is gas a good or a service?
Good
Freddie visits the fair and feels compelled to buy a corndog. In this scenario, is Freddie the consumer, producer, or distributor?
Consumer
What is the name of the place where people buy and sell things?
Market
When discussing the chicken sandwich at Popeye's, limited-edition menu items were mentioned. This is an example of what?
Demand is high because of the popularity.
Which word means shortage or short supply?
Bryan visited Zaxby's on Sunday and ordered three chicken sandwiches. Callie cooked his order. Identify the good and the service.
Good = chicken sandwiches
Service = Callie the cook
Gigi is in the business of Slime and has three orders waiting to be fulfilled. Is this an example of consumption, production, or distribution?
Production
This is the name of an area that has something in common—for example, geography, climate, culture, or even economic activities.
Region
In a sports store, there is a shelf full of soccer balls. The soccre balls lead the shopper to believe that there is plenty of what: supply or demand?
Supply
Which word means a person, business, or company that creates goods and services.
Producer
Dr. Daniel cares for people who are presenting with influenza. Is this an example of a good or a service?
Service
Harrison owns an automobile business. His stock is running low, and he is waiting on Ian's Trucking Company to deliver a new shipment of vehicles. What is Ian's Trucking Company an example of?
Distributor
This is a bigger area with its own government, laws, and borders.
Country
When Oliver and his family want to buy a house, there are few available, and prices keep going up. This is an example of supply or demand?
Demand
This term is a synonym for scarcity, meaning you have to choose how to spend your money, time, and energy.
Limited Resource
True or False: A mechanic is an example of a service.
True
Jack in the Box, KFC, and Long Horn's are all examples of what?
This is when you depend on someone or something else.
Interdependence
Tickets to see Taylor Swift are very high. Since the number of seats is limited, the price has increased. Identify both the supply and demand.
Supply: Seats
Demand: Higher-priced tickets
This term means the action of helping or doing work for someone.
Service
Elliott visits a pumpkin farm on Saturday and purchases three pumpkins, two corn maze tickets, and a pony ride. Is a pony ride considered a good or a service? Explanation required.
A pony ride is a service. While the pony is a physical animal, as a consumer, you are paying for the experience of riding the pony, and you cannot take that home.
Three-part response: Identify the producer, distributor, and consumer in this scenario:
Melissa orders a large pizza from Nemo's for delivery.
Producer: Nemo's
Distributor: delivery person
Consumer: Melissa
This is when a place focuses on producing what it does best.
Specialization
A new, popular video game may have a higher starting price due to high demand and limited supply. If the game remains popular, the manufacturer will produce more copies. If the manufacturer does this, what will this lead to?
Lowering the price because the supply increases.
This word refers to the study of how people, businesses, and countries make choices about how to use limited resources to obtain the things they want and need.
Economics