Show:
Needs/Want
Goods/Services
Vocabulary
Supply and Demand
100
What are video games, diamond rings, and television sets classified as?
What are wants
100

What do we call and object or thing that people can buy and sell?

a good

100
One who uses or buys items, goods, or products.
What is a consumer
100
The particular amount of a product.
What is supply
200
What are fruits and vegetables, houses, and clothes classified as?
What are needs
200

What do we call something that a person does for someone else, in return for money?

a service

200

When we talk about how much of a good or service is available, that is called _________.

supply

200
A product that is highly wanted by many people.
What is demand
300
When you are able to buy all of the goods and services that you need AND want it is a __________.

privilege 

300
The exchange of goods and/or services
What is trade
300

When we talk about how many people want a good or service we are talking about _________.

demand

300

If the weather changes and crops aren't growing well, farmers will have a low ________ of their products. 


supply

400

What do we call it when there are not enough goods and services to meet people's needs?

scarcity

400

Name 2 producers who provide a service

teacher, firefighter, waitress, hair stylist.....

400

___________  is a country's system of money.

Currency

400

If there is a large supply of a product, and the demand for it is LOW what will happen to the price?

The price will drop, or get lower (cheaper)

500
John's dad just bought a speed boat to take fishing on the weekends in the summer. Although John's dad claims he will use this boat for fishing to help feed his family, would this be considered a need or want?
What is a want
500

When you buy goods and services that are produced in your neighborhood, you are helping your community's _______________.

economy

500

When an item is hard to find we call this _________.

scarcity

500

If there is a limited amount of a product and it is in HIGH DEMAND what do we know about the price?

The price will be high