Wants
and
Needs
and
Needs
True or false: A family should buy needs before wants.
What is true?
When you give money to buy goods and services
What is spending?
Things people buy and sell
What are goods?
A person who makes or sells goods or services is called this.
What is a producer?
When there is not enough of something
What is scarcity?
Something you must have to live, like food, water, or a home.
What is a need?
When you put money in a piggy bank instead of spending it.
What is saving?
A teacher, a doctor, and a firefighter all provide this.
What is a service?
A person who buys and uses goods and services is called this.
What is a consumer?
What people make when there is not enough money to buy needs and wants.
What are choices?
A toy, video game, or candy are examples of this because you don't need them to live.
What is a want?
If you want to buy a new bike but don’t have enough money, you should do this
What is save?
A baker makes cakes and cookies. These things are called this.
What are goods?
True or false people can be both producers and consumers.
What is true?
The choice someone does not pick
What is opportunity cost?
How many people want or need of good and services
What is demand?
This is a safe place to keep money.
What is a bank?
This person helps students learn by providing a service.
Who is a teacher?
When you go to a grocery store and buy fruits and vegetables, you are this.
What is a consumer?
If a store runs out of your favorite toy because too many people want it and there aren’t enough, you might have to do this.
What is wait (or choose something else)?
How much of a good or service there is to buy.
What is supply?
How people make goods and provide services: how people earn and spend money
What is economics?
People use to pay for goods and services.
What is money?
A farmer grows apples, a truck driver delivers them to the store, and a customer buys them. How many consumers are in this example?
What is one?
Jasmine can only choose one fruit to take for lunch. She decides to take an apple.
What is the banana called?
What is opportunity cost?