Goods and Services
Good
A person who buys fruits and vegetables is called a
A. Producer
B. consumer
Consumer
A pool is a need or a want?
Want
What is another word for bartering
Trading
Tomatoes is an example of what type of resource?
Natural
You go to the hair salon to get a hair cut. Are you purchasing a good or a service?
Service
A Baker would be a
A. producer
B. Consumer
Producer
Milk is a need or a want?
Need
Why did people barter a long time ago
They did not have money so they traded
A teacher is what type of resource?
Human Resource
You are a pizza maker. What good are you providing?
Pizza
Producers are also offering services
True
Going to the doctor is a need or a want?
Need
You need wool to make a coat. You have rice and a gold necklace. The farmer you go to has sheep and a rice crop. What would you barter?
Your gold necklace for the wool from the sheep
A car is what type of resource?
Capital
You are a librarian. What service are you providing?
What is the definition of a producer?
Someone who makes something and sells it (owning a business)
What is the difference between a need or a want?
A need is something you must have to survive
A want is something you want but can live without it
You are in need of milk and you are a shoe maker. Who would you barter with?
A. A farmer who needs wood
B. A person who cuts down trees who needs wool
C. A farmer who needs boots
C
You have a lemonade stand. Which items are human, capital, and natural resources?
Water
Cups
Pouring the lemondade
Water: Natural resource
Cup: Capital Resource
You: Human resource
When there is not a lot of the resource left. What is that called? Think of covid and toilet paper.
Scarcity