Economics

Why do people work?

• To earn income to buy the things they need and want

• Because they like to work

• The government makes them work

• Jobs are needed or else community needs would not be met

What could be made from this natural resource?

• Pencils

• Markers

• Houses

• Clothing

A producer is

• A person who buys things

• A person who buys and makes things

• A person who makes goods and services

Which is an example of a GOOD?

• Car wash

• Computer

• Haircut

A consumer is

• A person who makes goods and services

• A person who buys goods and services

• Both

True or False:

People are both consumers and producers

• True

• False

What is the BEST way to get enough money for a new video game?

• Ask grandma

• Borrow money from mom

• Save money until you have enough

• Steal the game

Spending is

• Someone who does work

• Doing work to get income

• Using money to pay for goods

Work is

• A person who makes goods or does services

• A job someone does to earn income

• Money earned from working

Income is

• Money earned from working

• Not spending your money immediately

• Doing work