Goods and Services
What is a good that you can buy in a store?
Anything tangible like a toy, a book, or food.
What is a need?
Something essential for survival, like food or water.
What do you use to pay for things you need or want?
Money.
What happens if many people want to buy a toy that is hard to find?
The price may go up.
Name a natural resource used in making pencils.
Wood from trees.
What is a service that people pay for?
Services like haircuts, lawn mowing, or teaching.
What is a want?
Something that is not essential but desired, like video games or toys.
Name a job that earns money to help pay for family needs.
Any legitimate job, like a doctor, mechanic, or teacher.
What is "demand"?
The desire for a particular good or service.
What is a human resource?
The skills and labor provided by people.
Name a place where you can buy both goods and services.
A supermarket - you can buy goods and also get services like delivery.
Give an example of a need and a want in food.
Need - Bread for sandwiches; Want - Ice cream.
What is a budget?
A plan for how to spend money.
What does "supply" mean?
How much of a good is available for sale.
Give an example of a capital resource used in a bakery.
An oven
What is the difference between goods and services?
Goods are items you can see and touch; services are help or work done for someone.
Why is it important to know the difference between needs and wants?
So you can make wise choices about how to spend your money.
Why is saving money important?
To prepare for future needs or emergencies.
How can a company increase the supply of a product?
By making more of it.
How does recycling help the economy?
It saves natural resources and reduces waste, which can lower production costs.
Give an example of a person who provides a service.
A dentist, a teacher, a plumber, etc.
How can confusing wants for needs affect your budget?
It can lead to overspending and not having enough money for actual needs.
What could happen if you spend more money than you have?
You might go into debt or have financial troubles.
Describe a situation where supply exceeds demand.
When a store has more items than customers want to buy, like after a holiday.
Why is water considered an important economic resource?
It is necessary for life and is used in many types of production processes.