Definitions
A physical product that you can buy.
What is an example of a service?
Examples: Hair salon, babysitter, mailman...
Mrs. Hedrick has to spend $20 every week on gas for her car. This is an _______.
Expense.
Devaansh and Karthik create a jingle for their market day business. This is an example of ___________.
Advertising.
What is a service?
An action you can pay for that someone does for you.
What is an example of a want?
Examples: Toys, game consoles, candy...
Giulian earns $5 per week for doing his chores. This is his ______.
Income.
Would the demand for sunscreen be high or low in the winter?
Low.
What is demand?
The amount of people who want a good or service?
What are examples of advertising?
Examples: billboards, ads, commercials...
Walmart is always running out of Collin's favorite chips. This means the chips are in ____ ______.
High demand.
Jimi cannot buy a PS5 because he needs to buy pencils and a notebook. Jimi is _________.
Budgeting.
The amount of goods or services that are made for the demand.
What is an example of something that is always in high demand?
Examples: Gas, food, clothes...
It costs Kaira $8 to make one keychain. She charges Reetu $10 for one keychain. How much money did she profit off of this?
Kaira profited $2.
What is this an example of?
A budget.
What is profit?
The amount of money you gain from selling a good or service; ending with more money than you started with.
Weatherman Kaveer says it is supposed to snow so everyone goes to buy all the bread and milk. In response, Walmart makes more bread and milk. What is this an example of?
Supply and demand.
Ellie spent $33 on supplies to start her bracelet business. She made $27 on market day selling bracelets. Did she make a profit?
No - she lost $6 in the process.
If you invest $250 into Play Station's stocks but the stock market value decreases by 5.7%. How much money will you lose?
JUST KIDDING!!!!