basic goods vs. luxury goods
What are basic goods?
A need! Something we need to live
What are goods?
things you can touch or buy
Who are consumers?
all of us!
What is demand?
amount of good/service that people want to buy
Hot dogs and buns are __________
complementary goods
What are luxury goods?
A want! Something that is nice to have but not necessary
What are services?
things people do for you
Who are producers?
What is supply?
What's available to sell
What are complementary goods
things that are used together; buying one usually means you buy the other too
Water is a _________
basic good
Good or service? A mail carrier delivers mail
service
Producer or consumer? A kid who makes lemonade at a lemonade stand.
Producer
What happens to the price when more people want lemonade (there is high demand)
price goes up
What are substitute goods?
things that can replace each other; consumers can choose one instead of the other for the same need/to fulfill the same need
luxury good
Good or Service?: The store clerk sells food
good
Producer or Consumer: Someone who purchases a streaming platform
consumer
What happens to the price when lots of lemonade is available (there is a high supply)
price goes down
Coke and Pepsi are __________
Substitute goods
What is smart spending?
Why are goods and services important?
They help us get what we need and want
Why is this important?
Producers and Consumers are essential in economics as it keeps the market going
where the two lines meet (X)
What are related goods?
When one good affects the demand for another good