Goods & Services
What is a Good?
The tangible items people can buy & use like toys, food & clothes
What is money used for?
To exchange goods & services
What is a need?
The things that people must have in order to survive such as food, water etc.
What is a market economy?
AN economy where businesses produce goods & services based on what customers want.
What is a Service?
The actions or activities performed by one person for another person like cleaning, teaching & repairing
Why is money important when it comes to goods & services
It helps us understand how much things are worth & makes buying & selling simpler
What is a want?
The things people spend on which are not necessary but we like to have such as toys, candy, games etc.
What is a Supply?
Supply is the amount of a specific good or service that's available in the market.
What is a producer?
They are the people or businesses that create goods & services such as farmers, manufacturers etc.
What is money spent on?
Our needs & wants
What is the first step to reducing spending and increasing savings?
Identifying what our needs & wants are by deciding what is essential and what is optional
What is a Demand?
A Demand is the amount of the good or service that customers want to buy
What is a consumer?
They are the people who buy or use goods & services
How is money earned?
Through working & earning an income
What is the second step to reducing spending & increasing savings?
Creating a spending plan to determine what can spent on needs & wants
What is the governments role in the economy?
They make rules & provide services to ensure fairness & help in times of need.
Why are goods & services important?
We use them everyday to meet our needs & wants
What is income?
The money we earn from jobs, allowances, pensions etc.
What is the third step to reducing spending & increasing savings?
Prioritizing saving & setting apart a portion of your income for the future or emergencies
Who decides what goods & services are made?
Consumers, they help decide what is made by choosing what to buy.