Vocabulary
What is economics?
The study of how money moves around.
What is a good?
Something that you can physically hold or see. Ex. Markers, food, books
What is a need?
Something you need to survive. Water, food, shelter.
What is a producer?
Someone who creates goods or services to sell.
True or False. Supply is how much of something that I have.
True
What term means to exchange one thing for another?
trade/barter
What is a service?
A job that someone does for you. Ex. nurse, doctor, police officer, teacher.
What is a want?
Something you want but don't need to survive. toys, games, bike, candy
What is a consumer?
Someone show buys the goods or services.
True or False. Demand means how much I need.
True
What does it mean to save?
To keep your money.
Name three goods.
books, coffee, food, etc.
Name 3 needs.
water, shelter, clothing.
Name a producer.
In the winter, the demand for coats, hats and gloves will be high or low?
High
To give something away for free means to__________?
Name three service jobs.
lawyer, police officer, teacher, doctor, cashier, etc.
Is a bicycle a need or a want?
Answers will vary.
I bought a new bike, I am a producer? True or False.
False
The supply of board games is high so the price will be high or low? Why?
What is income?
Money you earn for doing a job.
Which is more important goods or services?
Answers will vary.
Give an example of something that may be a want for someone but a need for somebody else.
Answers will vary.
How can you be both a consumer and producer?
Answers will vary
True or False. If the demand for chocolate ice cream is high it will be easy to find.
False