Goods, Services, Producers, Consumers, Needs, and Wants, OH! My!

Needs VS Wants

100

Bobby bought the new Nintendo Switch at Game Stop. Is the Nintendo Switch a need or a want?

Want

200

Peggy's father bought fruits at Walmart. Are the fruits a need or a want?

Need

300

What is a want?

The things we don't really need, but would like to have.

400

What is a need?

The things we must have in order to stay alive.

500

You bought a computer for your room. Is a computer a need or a want?

Want

Goods Vs Services

100

What is a good? 

Something that you buy and consume. 

200

Millie asks her mother for a new hair style. Is a new hair style a good or service?

Service

300

What is a service?

Something that someone does for you. 

400

Peter bought an ice cream from Baskin Robbins. Is buying an ice cream a good or service?

Good

500

The Geek Squad at Best Buy. Is this team providing goods or services?

Services

Producers Vs Consumers

100

What is a consumer?

A person who buys and uses goods and services.

200

Jack is a farmer that grows peanuts for Reese's. Is Jack a producer or consumer?

Producer

300

Samantha buys 10 pizza pretzels at Auntie Anne. Is Samantha a producer or consumer?

Consumer

400

Summer makes her famous vegetable ramen to sell at the farmers market. Is Summer a producer or consumer?

Producer

500

What is a producer?

A person who makes goods or provides services.