Wants & Needs
Give an example of a "need"
food, shelter, clothes
What is scarcity?
something that no longer available
A store has 10 lego sets left, and there are 15 people in line who want to buy one. Is this a high demand, or low demand?
High Demand.
What is a "good"?
things you can buy that you can touch.
What kind of job can you do to earn money?
Mow the lawn, wash the dishes, make your bed, take out the trash, walk dogs, etc.
Explain what a "need" is.
Something you must have in order to live.
What will you if you favorite food is no longer available?
Make a choice / buy another foods
What is a "service"?
A job done to help others.
What is the name of the place where people go to save their money or take out money?
The Bank.
Explain what a "want" is.
Something you would like to have, but don't need in order to live.
Why we need to make a choice when the things are scarce?
Because we need to survive
Give 2 examples of a "good".
food, clothes, shoes, etc.
what is budgeting money?
A budget is a plan on how you will spend your money.
Is an education is a "want" or a "need"?
A "Need"
Where does the word scarcity come from? and what is the meaning?
Scarce is not longer available
What is the meaning of "Demand"?
the amount of product that people want to buy at a given price.
Give 2 examples of a "service".
Teachers, policemen, firemen, chef, etc.
What is income?
Money that coming in
buying a favorite toys is a "want or need"
A want
Give one example of scarcity and making choice
I buy the pizza in pizza hut but there is no more pizza. So I decided to buy pizza in red pizza
Give your own example of supply or demand.
Class judges your answer!
What is the name of the person who buys the goods from a store?
Consumer OR customer
What is another type of account that someone can put money into?
a CHECKING account