Goods and Services
A good is something that can either be made or grown for people to use.
What is the definition of a "Need"?
A Need is something that is required for us to have to survive.
What is the definition of a Consumer?
A consumer is anyone who buys a good or service from a producer.
What is the definition of "Spend"?
Using money to buy something.
If there is a lot of a good, is supply high or low?
What is the definition of a "Service"?
A service is a job or act that is provided by someone to complete a task, often for money.
What is the definition of a "Want"?
A Want is something that we do not need to survive, but we might like to have it.
What is the definition of a Producer?
A producer is a person, company, or country who makes or grows goods, or provides services for others.
What is the definition of "Save"?
To put money away and not spend it, but collect it for a later time.
If there is not a lot of a good made, is supply low or high?
Supply would be low.
What is the definition of a profession?
A profession is a job someone has/does.
How can you get a Need or a Want?
You can purchase either one for money. Or you might barter (trade). Or rarely you can get it for free.
A doctor is mostly considered to be a producer because they provide a service.
If you want to buy something that costs $1,000, and you do not have the money, what should you do?
Are Dojo Points like money? How do you know?
Yes, because we can spend them on goods and services.
What are the following examples of?
Potatoes, Paper, Planes, and Peanuts.
All of these are different types of Goods.
Explain if water is a Need or a Want and how you know.
Water is a need because we need water to survive.
What is a farmer considered, a producer or consumer?
A farmer is considered a producer because they make a good or service, but can also be considered a consumer because they buy things for their farm.
Why should you save your money?
So you could buy something more expensive later, or you might save for an emergency.
At the aquarium field trip on Monday, what are some examples of economics terms we know?
Producers? Consumers? Goods? Services? Needs? Wants? Saving? Spending?
How are Goods related to Needs and Wants?
Goods can either be Needs or Wants depending on whether we need them to survive, or if we just want them to have them.
How can buying pizza from Papa John's be a Need or a Want?
Pizza from Papa John's is a Want, because we do not need to have Papa John's to survive. However, pizza could be called a Need because we need food to survive.
What are some examples of producers that are related to milk?
Farmers, grocery store workers, truck drivers, factories..., listen to other student explanations.
What is bartering and how is it related to spending and saving?
Bartering means that you are trading, so you might save your money by trading something for a good or service instead.
What are some examples of Economics terms that we see everyday?
Listen to all student responses.