Goods & Services
This is a physical item people can buy, like toys or clothes.
A good.
A tool we use to buy goods and services.
Money.
A person who buys goods or services.
CHALLENGE 3
A consumer.
A person who starts a new business.
An entrepreneur.
Food, water, and shelter are examples of this type of essential item.
A need.
An action someone does to help others, like teaching or haircutting.
A service.
How much something costs.
Price.
A person or company that makes goods or provides services.
A producer.
To create something new.
Invent.
Something people would like to have but isn’t needed for survival.
A want.
A place or activity where goods or services are exchanged.
CHALLENGE #4
A business.
A plan for how to earn, spend, and save.
Budget
Receiving money for work you do.
Earn.
The process of planning and making something for a purpose.
Design.
Choosing between options is called making a ____.
CHALLENGE 4
A choice.
This term means where buying and selling happens, in-person or online.
A market.
This word means to keep money for future use.
CHALLENGE 1
Save.
Using money to buy something.
Spend.
To find solutions to challenges.
problem-solve / problem solving
This term describes something essential for living or working.
A need.
This large system involves making, selling, and buying things in a community or country.
The economy.
The money it takes to make or buy something.
Cost.
All the buying and selling in a community depends on these two groups working together.
Producers & Consumers.
All new inventions begin with this kind of decision between options.
CHALLENGE 5
Choice.
When deciding what to buy, people must choose between these two types of items: essential and nonessential.
Needs and Wants.