Show:
Needs and Wants
Goods and Services
Supply and Demand
Producers and Consumers
100

What is a need? 

something that a person has to have to survive

100

Name if this is a good or a service: hairdresser

service

100

What is the supply?

How much there is of an good or a service

100

Name if this is producer or consumer: firefighter

producer

200

What is a want?

something a person wishes to have for enjoyment or success

200

Name if this is a good or a service: mechanic

service

200

What is demand?

how much people want it

200

Name if this is producer or consumer: customer purchasing a pizza

consumer

300

Is this a need or a want: Candy

want

300

Name if this is a good or a service: iPad

good

300

When supply is low and the demand is high, the price will _______

go up or be high. 

300

Name if this is producer or consumer: farmer

producer

400

Is this a need or a want:water

need

400

What is a good?

an object you can purchase with money


400

When supply is high and the demand is low, the price will ______

go down or be low. 

400

What is a producer?

someone who makes or supplies the goods or services 

500

is this a need or a want: an expensive shirt

want

500

What is a service?

an action that someone provides for you that you pay for

500

Right now, gas prices are low and there is a high supply of gas. Why?

Due to Coronavirus, people are staying in their houses more and not driving around so they don't need gas. There is a lot available now but companies still want to make money so they are selling it for cheaper so that people will buy it because its cheap. 
500

What is a consumer?

the person who buys goods or services because they need or want them.