4th Grade Economics

Front

SERVICES are...

Back

things you do for people.

Front

GOODS are...

Back

things that people use.

Front

In Economics, who are the producers?

Back

People who PROVIDE goods and services.

Front

In Economics, who are the consumers?

Back

People who USE goods and services.

Front

A producer needs 3 resources: Capital, State, & Federal Resources, Glass, Metal, & Plastic Resources, Natural, Human, & Capital Resources, Strength, Power, & Water Resources

Back

Natural, Human, & Capital Resources

Front

What is the goal of a producer or business?

Back

To make a profit (make more money than they spent).

Front

What is the goal of a consumer?

Back

To make money (get a job) to buy the things they need and save.

Front

Where do businesses get their money to start their business?

Back

bank

Front

If you have a high supply of fidgets and a low demand for fidgets...

Back

the fidgets prices will go down.

Front

If you have a low supply of fidgets and a high demand for fidgets...

Back

the fidget prices will go up.