Definitions
What is the term for a system where people can choose what to buy and sell?
Free enterprise
Who is someone that bakes bread and sells it?
Producer
What is something we must have to live?
Needs
What do we call the decisions we make about how to use our money?
What do we call the items we want but do not need to survive?
Wants
If you buy a toy at a store, are you a producer or a consumer?
Consumer
Is a bicycle a want or a need?
Want
If you have $10 and want a toy that costs $15, what might you decide to do?
Save more money or choose a less expensive toy.
What is the money earned from working called?
Income
Name one job that is considered a producer.
Doctor, teacher, farmer, baker
Name one example of a need.
Food, water, shelter
What is one way to earn money?
Doing chores, getting a job
What is a person or business that makes goods or provides services?
Producer
What do we call the place where goods are sold?
Store
Can you name a toy that is a want?
Action figure, doll
Why might someone choose to save their money instead of spending it?
Students can mention wanting something bigger.
What do we call the people who use goods and services?
Consumers
Give an example of a service that a consumer might use.
Haircut, tutoring, car repair
Why is it important to know the difference between wants and needs?
Students should reflect on making smart choices
What is a consequence of making poor economic choices?
Running out of money or not getting what they want.