Good and Services
Objects that you can buy and take home are called ________.
Goods
People who buy good or pay for services are called __________.
Consumers
wages
Cost
A plan for how to save money is called a _________.
Budget
Something you pay someone to do is called a ___________.
Service
People who sell goods or provide services are called __________.
Producers
What is another word for "labor?"
work
The advantage or gain of buying something is called __________.
benefit
Name a reason why you would need to save money.
To buy something you really want, for emergencies, a vacation, etc.
Name 3 goods.
Ex. pencils, cars, food, clothes
Julie went to Target and bought some new pillows. Who is the consumer in this scenario?
Julie
What are 2 things people spend their income on?
Ex. house, food, gas
You are interested in buying a car. It costs $10,000, has 5 seats, uses very little gas, will last 15 years, and can move small loads.
What is one cost of the car?
It can only move small loads. It may also be too much money.
When budgeting your money, what should you pay for first? Wants or needs?
Needs
Name 3 services.
Ex. Car wash, hair salon, dry cleaner
Julie went to Target and bought some new pillows. Who is the producer in this scenario?
Target
Before money was invented, how did people pay for goods and services?
By bartering or trading.
You are interested in buying a car. It costs $10,000, has 5 seats, uses very little gas, will last 15 years, and can move small loads.
What are 2 benefits of the car?
It uses little gas, will last 15 years, seats 5 people. Also, possibly the cost.
What is a want?
Something you would like to have, but don't need in order to live.