Academic Vocab
Something that we would like to have, but do not need to live
Wants
is anything that people can use to make or obtain what they need or want.
Resource
What is an example of a service and explain what kind of sevice
A teacher, a police officer, a vet, a basketball player, an actor, etc.
(Answers may vary)
Something that we must have to live everyday
Needs
What are some examples of resources?
labor, and money.
Give some examples of wants
T.V., X-box, candy, etc.
(Answers will vary)
Work that is done to help others
Services
The decision-making process
is a step-by-step method to carefully consider alternatives that result in better choices.
What is the difference between a producer and a consumer
A producer is the person or company that makes and produces goods, a consumer is the person(s) who buy those goods
Things we need or want that producers make or grow
Goods
The decision-making process has five essential steps:
Mention ONE
Identify the situation/problem
Consider alternatives
Determine advantages and disadvantages of alternatives.( Pros & Cons)
Make a decision
Evaluate your decision/ customer feedback
Is a cell phone a need or a want, explain
Both. A phone is a need in case of emergencies or to reach/ call for services. A phone is also a want to use as a camera, to play games, and to use for recreational use.
Give some examples of needs
House, food, water, etc.
(Answers will vray)
•It is the practice of making one’s living or making money by producing or buying & selling products.
Business
are wants shared by many people. Ex: Highways, drinking water, Electricity and education.
Public Wants