Key Vocab 1
Things people must have to live, like food, water, shelter, and clothing.
Needs
Things people would like to have, but don’t need to survive—like toys, games, or holidays.
Wants
Physical items you can buy or use, like clothes, food, or phones.
Goods
This is something you must drink every day to stay alive.
Water
This is something people buy to talk, text, and play games, but they don’t need it to live.
Mobile Phone
People who buy and use goods and services.
Consumers
Money people earn from working or from investments.
Income
People or businesses that make or provide goods and services.
Producers
Without this, you wouldn’t have a safe place to sleep or stay warm.
Shelter
You might go here to eat food someone else cooks for you, even though you could eat at home.
Resturant
Helpful actions people do for others, like teaching, haircuts, or driving a bus.
Services
How much of a product of service you are able to provide.
Supply
How much or how many people want a certain good or service.
Demand
You wear this to protect your body from heat, cold, and rain.
Clothing
This is something people use to watch movies and shows at home, but it’s not needed for survival.
Streaming Service (Netflix, Disney+ etc)
using resources to make something.
Production
Using goods or services.
Consumption
A plan for how to spend and save money.
Budget
This helps you learn new things and get better jobs when you grow up.
Education
This is a trip people take for fun or relaxation, but they don’t need it to stay healthy or safe.
Holiday
The idea that resources are limited, so choices must be made about how to use them.
Relative Scarcity
The way a country uses its resources to produce and sell goods and services.
Economy
A place where people buy and sell things.
Market.
This is something people need to stay healthy when they are sick or hurt.
Medicine
This is something people buy to look stylish or show off, even though they already have clothes.
Designer Clothing