Producer/Consumer
Define Producer
Person who grows or makes things for others to buy.
Define goods
Define Barter
things that cost you a good. Also known as trade
What is a way to save money?
piggy banks, savings account, banks (answers will vary)
What is a want and an example
something you do not need to survive. Something that brings you happiness.
* toys
Define Consumer
Person who buys what the producer grew or made.
Define service
work that someone does for others. They are actions
Define cost
what you give up so you can have something else.
What is something you might save up for?
Emergencies or something special
What is a need? Example?
Something you need to survive
*Shelter, clothes, food, water
Example of producer
farmers, engineers, ice cream factory, etc.
Example of good
clothes, food, toys, snacks
Example of barter/trade
I trade my extra pencil for an eraser. (answers will vary)
What is the role of a bank?
banks keep our money safe
allow us to borrow money
allow us to save money
If it is the winter and sunscreen goes on sale... supply is _______ and demand is ________.
high and low
Example of consumer
Us, parents, stores
Example of service
getting a haircut, getting nails done, dentist, doctors
Example of cost
it costs $2 to buy chips.
This eraser costed me my pencil (answers will vary)
Why is it a good thing to save money?
*allows us to prepare for emergencies
will help us be responsible with our money
If it is valentines day and roses are wanted by a lot of people them and the price goes up then supply is _____ and demand is _____.
low and high