Wants and Needs
What is a want?
Things we would like to have but do not need for survival
A person who buys and uses goods or services is called a ....
consumer
the amount of something available to consumers is
A) Supply
B) Demand
Supply
What is a good?
Something you can buy or use
What is a need?
Things we must have to stay alive
A person who makes goods or services is called a...
producer
how much consumers want something is called:
A) Supply
B) Demand
Demand
What is an example of a good?
Answers will vary.
Is water an example of a want or a need?
Need
When you get your haircut, are you a producer or a consumer?
Consumer
Tina’s Bakery made too many cookies, so they want to get rid of some of their cookie supply. Tina’s Bakery should _____the price of cookie to sell them faster.
A) Increase
B) Decrease
Decrease
What are services?
Something that somebody does for you
What is an example of a want?
Video Games
Ice Cream
Mansion
When you bake a cake, are you a consumer or a producer?
Producer
The florist has quite a few flower bouquets left after Valentine’s Day. The price of a flowers bouquet will _____.
A) Increase
B) Decrease
Decrease
What is an example of a service?
Answers will vary
What is an example of a need?
Food
Shelter
Water
Clothing
Give an example of 3 different producers
Answers will vary
It is summer and everyone is headed to the beach. The demand for flip-flops will...
A) Increase
B) Decrease
Increase
What is something Miss Spinozza loves?