Needs VS Wants
Bobby bought the new Nintendo Switch at Game Stop. Is the Nintendo Switch a need or a want?
Want
What is a good?
Something that you buy and consume.
What is a consumer?
A person who buys and uses goods and services.
Need
Millie asks her mother for a new hair style. Is a new hair style a good or service?
Service
Jack is a farmer that grows peanuts for Reese's. Is Jack a producer or consumer?
Producer
What is a want?
The things we don't really need, but would like to have.
What is a service?
Something that someone does for you.
Samantha buys 10 pizza pretzels at Auntie Anne. Is Samantha a producer or consumer?
Consumer
What is a need?
The things we must have in order to stay alive.
Peter bought an ice cream from Baskin Robbins. Is buying an ice cream a good or service?
Good
Summer makes her famous vegetable ramen to sell at the farmers market. Is Summer a producer or consumer?
You bought a computer for your room. Is a computer a need or a want?
Want
The Geek Squad at Best Buy. Is this team providing goods or services?
Services
A person who makes goods or provides services.