Good & Services
What is a good?
Items that can be bought, sold, and traded, such as food and computers.
Define buying?
To get something by giving money for it.
What does scarcity mean?
When there is not enough of something to meet everyone's needs.
What is a cost?
What you give up when you make a choice, like money or time.
What is a free market economy?
An economy where choices are left up to each buyer and seller
What is a service?
Tasks you pay someone to do for you
What is selling?
To offer something to someone in exchange for money.
Can you name a resource that is scarce?
Water, because in some places there isn’t enough for everyone.
What are benefits?
The good things you gain when you make a choice.
Who decides the prices of items in a free market?
The Sellers
Give an example of a good and a service.
A good is a book, and a service is a doctor’s visit.
What do we call the place where buyers and sellers come together?
A market
How does scarcity affect prices?
When something is scarce, the price usually goes up.
Why should we think about costs and benefits before making a decision?
To make sure we choose the best option for ourselves.
What happens to businesses that don't meet customers' needs?
They may lose customers and might have to close down.