Economics

Economics 1

100

What are consumers? 

people who buy goods or services (consumes)

200

what are producers? 

people who make goods or provide a service (produces)

300

Give an example of a consumer 

Melissa buying food is a consumer.   or                    Michael getting his teeth fixed by a dentist is a consumer.

400

Give an example of a producer 

• A baker making bread and selling it is a producer.
•  A person growing olives from olive trees & selling them is a producer.

Economics 2

100

What is a service? 

Service is work that one does person for someone else.

200

What is an example of a service 

teacher ,  hair stylist,  server at a restaurant 

300

In places where it snows in the winter, everyone wants to buy gloves. That means the demand is high for gloves. What do you think the prices of the gloves will be?

High demand 

400

In places of cold winter, many people will not want to buy a bathing suit. That means the demand is low for bathing suits. What do you think the prices of bathing suits will be?

low demand 

Economics 3

100

what is the meaning of demand 

• means how much of something people need or want to buy.

200

What is scarcity or scarce 

Scarcity or scarce means not having enough of something. It can also mean not enough services are available.

300

An example of scarcity or scarce 

•  The store does not have enough toilet paper.     Publix does not have enough food to sell.
•  The city does not have enough places to fix cell phones.

400

When there is scarce or scarcity, people and families must choose carefully what to buy. They must buy what is most important for the family..

True/False 

True