Goods & Services
Things that can be owned or touched are called...
goods
goods and services are also called...
products
When a store lowers the price of a good it is called a...
sale
Something that a person needs to live is called a ....
need
Buyers are also called _________
customers
Something that someone does for you is called a...
service
People trade goods and services for....
money
A store might have a sale when it has ____ ______ supply and _______ _______ demand
too much (supply)....too little (demand)
goods and services that we buy because we enjoy them are called...
wants
The place where customers meet sellers to exchange products is called the ____________.
market
People earn _______ for making goods and doing services
money
The study of how people make, sell, and use goods and services is called...
economics
When the price of a good goes down, what happens to the demand?
Give 3 examples of needs
Shelter, healthy food, clean air, water, clothes,
Marketers begin planning long before people can buy a product. This is called _________ __________
market research
something used to make other things, like machines or tools. It helps make products that people can buy.
capital good
__________ is how much of a good or service people want and can pay for
demand
A store might also have a sale just to....
get customers to come in and buy other products
The amount something is worth is called...
value
_____________ help companies sell products
Advertisers/Advertisements
something people buy and use for themselves, like food, clothes, or toys.
consumer good
______ _______________ is when supply and demand are equal
market equilibrium
What is the chemical in people's brain that lights up when we shop during a sale?
dopamine
Who decides value?
different people can value the same product in different ways. Ultimately people decide the value of things. (ex. a signature from someone famous)
Marketers and advertisers work together to create ______.
demand