Needs/Want
Are video games, diamond rings, and television sets NEEDS or WANTS?
What are wants
The place that deals with money
the bank
_______ is how much of a good or service is available.
supply
Are fruits and vegetables, houses, and clothes NEEDS or WANTS?
What are needs
a service
One who purchases an item.
consumer/buyer
If you don't want to carry cash, you can spend your money using a ________.
credit card
When many people want to buy something, the _______ is high.
demand
Are toilet paper and paper towels NEEDS or WANTS?
needs
Good
One who creates or makes a good to sell.
producer/seller
When you shop online you pay with a _____________.
credit card
I'm selling cookies. I had a supply of 50 cookies but I ran out because the ___________ was so high.
demand
If there is not enough of the things you NEED or WANT, supply is ___________.
low
service
If you do not have cash OR a credit card you can pay for goods and services with a _______.
check
Before school starts in August, many stores increase their ________ of pencils because they know the pencils will be in high demand.
supply
If many people NEED or WANT a product, the demand is ___________.
high
Where did we talk about that offers both GOODS and SERVICES?
the post office
China makes computers to sell to the United States.
Who is the PRODUCER and who is the CONSUMER?
PRODUCER: China
CONSUMER: United States
Name the 6 bills (type of paper dollars) that we have in the United States.
(do not include $2)
$1, $5, $10, $20, $50, $100
When a company has a LOW supply of something that EVERYONE wants, what can they do to the price?
increase-make it more expensive