Producers and Consumers
What is a producer?
Producers make or sell goods or provide services.
What is a good?
Goods are things you can touch or hold with your hands.
What does scarcity mean?
There are not enough resources for everyone who wants them.
What is spending?
When you buy something, you are doing this with your money.
You buy a toy with your allowance. Are you a producer or consumer?
Consumer
What is a consumer?
Consumers buy and use goods or services.
What is a service?
A service is a job you can pay someone else to do.
If a store runs out of an item, that means the store has ________ resources.
Scarce
When you keep your money to use later, this is called...
Saving
Who provides the service of teaching you every day?
Teacher
When you eat a sandwich, you are this. What am I?
Consumer
Examples of goods could include:
A toy, a book, car, etc.
Why would someone have to make a choice?
We must do this when we can't have everything.
You want a new bike, but it costs a lot. What should you do with your money each week?
I should save it!
A barber cutting someone’s hair. Is this a good and service?
Service
A baker makes bread. This makes the baker a what?
Producer
Examples of services could include:
A doctor, a firefighter, a mail carrier, etc
What were the two types of resources?
Limited and unlimited resources.
You have $10. You buy a toy for $6. What is this called?
Spending your money
When you choose between two toys, the one you don’t pick is called this.
Making a choice
Can someone be both a consumer and producer? How?
Yes, because you can create a good or service but also buy/ use goods and services.
Tell how you can provide a service and a good.
Depends based on students
What is the difference between a want or a need?
Name one reason it’s smart to save money.
To buy something later, for emergencies, or for something expensive, etc
Name one thing you want and one thing you need.
Varies depending on students