Vocabulary 1
Define a need.
Something required for survival
A necessity.
Define a good.
Things that are made or grown and then sold.
Coffee.
Is it a good or a service?
Good
Water is a want or a need?
A need.
The supply is the amount of an item that you have.
TRUE
Something you don't need but you desire.
Define a service.
The performance of a duty or work for another person.
You're at dinner with your family and the waiter brings out your food.
Is the waiter providing a good or a service?
A service.
He is doing something for you.
Is a PS5 a want or a need?
A want.
True and False : Demand is the amount of money something costs.
False.
Demand is how much people want an item,
The amount of money that something costs.
The desire of customers to buy or use something.
The Ice cream truck comes to your block and gives you an ice cream cone.
Is the Ice cream cone a good or a service?
A good.
It is something you can hold in your hands.
Is a basic education to maintain life a want or a need?
A need.
When Beyonce' goes on tour, is the demand high or low?
the amount of something, especially goods or services, available to be used.
Define Expensive
having a high cost.
Who is a person or a place that provides " needs " to people?
Teacher - Education
Doctors - Health/Check Ups
Grocery Stores - Food
Read the prompt to determine what will happen to the price:
The new Jordan's just dropped at limited stores. When Hassonn got to the store, they told him that he would have to go online to purchase them because there is no more. Is the price going to go up or down?
Up because the supply is low.
Define a consumer.
One who gives money to a business for goods or services.
Define Available
possible to get, buy or use.
Identify the goods and services in this prompt:
Ms. Wallace goes to Dunkin Donuts every day. She places her order for a coffee and a donut in the drive thru and they make it inside. When she pulls up to the drive thru she pays and they hand her the items.
Service: Making the coffee, taking the order and register.
Goods: Coffee and Donut.
If you could go to target, name 3 wants and 3 needs you can find there?
Wants: Toys, Candy, Games etc
Needs: Food, Water, Clothes.
On a 90 degree day, what are 3 things the demand will be high for ?
Answers vary.