Wants and Needs
What is a need?
Something you must have to live.
What is a Consumer?
Someone who buys goods or services.
What are services?
What is a Budget?
A plan for spending and saving money.
What is Supply?
The amount of something available to consumers.
What is a want?
Something you want to have.
What is a Producer?
Someone who makes or grows goods, or offers services.
What are goods?
Things that are made or grown.
What does saving money mean?
You put it away to use later.
What is Demand?
How much consumers want something.
Name two examples of a want.
Toys and Candy
Name a Consumer.
A person
Name 2 examples of services.
Dentist and Teacher
(anything you pay someone to do)
What does spending money mean?
Buying things you need and want.
If the Demand goes down, what happens to the price?
The price goes down.
Name two examples of a need.
Name 2 examples of a Producer.
Baker and Photographer
Name 2 examples of goods.
Vegetables and School Supplies
(anything that is made or grown)
What is an account?
A place you keep your money.
If the Supply goes down, what happens to the Demand?
The Demand goes up.
What is barter?
Exchanging good for other goods, and not using money.
What is Trading? Name an example.
Exchanging goods and services with money.
Example: Buying groceries