Goods and Services and Needs and Wants
An item that is purchased using money is called a ___________.
What is a good?
What is a budget?
What is a budget is a plan for how you will use your money.
What is a resource?
What is a resource is something people use to meet their needs.
What happened in the video when Scarcity Cat made the cheese be 1 million dollars a pound?
What is no customers could afford to buy the cheese.
What kind of services are operated by the government and paid for by people's taxes?
What is public services.
An activity performed by others that can be purchased with money is called a ____________.
What is a service?
What does reduce mean?
What is to use something less.
Spot the human resource from this list...
sewing machine, silverware, barber, grass, toolbox
What is barber.
Mrs. Hunt says the higher the amount of a good or service produced, the bigger the supply. Is Mrs. Hunt correct? Why?
What is yes, when more of a good is produced, that is the supply and so it would be bigger.
Which one from this list is a private service?
library, fire department, grocery store, school
What is grocery store.
Money is used to place a value on goods and services. TRUE OR FALSE?
What is TRUE.
What is the difference between income and expenses?
Plates and silverware are a __________ resource.
What is capital.
If many people want a product, that means that the demand is _______.
What is big or large.
Mrs. Weslow is headed to the post office to mail a letter. Is the post office a public or private service?
What is a public service.
What is the difference of needs and wants?
Needs are things that is necessary to survive. Wants are things that having seems good, but it is not necessary to survive.
Name two things that you can recycle.
What is paper, plastic, and aluminum.
What is scarcity?
What is when resources are limited and there are not enough resources to satisfy everyone’s needs.
What is an import and what is an export?
What is an import is something that a country brings in from another country and an export is a material a country gives to another country.
What is opportunity cost?
What is giving up something in order to gain something else that you would like.
Label these two scenarios! One is a service and one is a good. Which one is which?
1. Paying a landscaper to mow the lawn
2. lawnmower
What is paying a landscaper to mow the lawn is the service and the lawnmower is the good?
We talked about Zing creating a budget earlier this quarter. Why would it be important to create a budget?
What is so you don't spend too much or so you can stay on track with how you spend your money.
Ms. Brooks is at the vending machine with a dollar. She is better the Milky Way bar or the chips. Each cost 75 cents but she only has a dollar and can't afford both. What is the scarce resource in this scenario?
Describe how the assembly line works. Explain why that method could be helpful.
What is many workers can work on several different parts, it is more efficient, lots of hands to help get work done.
What is a private service?
What is a service operated by individual people and those people get to keep the money they make.