Goods and Service
The product that you recieve.
What is supply?
How much of a good that you have.
Which one of these is a need.
McDonalds
Water
New video Game
Soda
Water
What is a service?
The person or thing that provides you a good.
What is demand?
The amount of people who would want a certain object.
Which one of these is a want?
New video game
Water
Healthy Food
Going Outside
Example of a good is...
Candy bars, drinks, groceries.
Why is it important for a store to know how much of a supply they need?
So they know not to have too much of an item that isn't selling also so they know if they need to get more of a certain object.
What is cost-benifit?
a. thinking about what you give up and what you get before making a choice
b. things you can buy or use
c.money paid for items
d.
how much something costs
a. thinking about what you give up and what you get before making a choice
Example of a Service is..
Starbucks Barista, check out person, and etc.
Why is it important for a store to know supply and demand?
So if something isn't selling they know not to order more.
What is a need.
Something that you need to survive.
Services affect goods because the person who is giving you that good is the service if they don't provide you that service you have no good as a result.
How could you see supply and demand in the real world?
Stores could put items on sale if they have too much of them, or they could raise the price of the item if people keep wanting it.
What is a want
Something you would like to have.