Economics

What is a need?

• Something you need to survive

• Something you want really bad.

A good is:

• Something you buy at the store.

• Something you eat.

• Something someone does for you.

A service is:

• Something someone does you.

• A place

• Something you buy at a store

Ice cream shops sell

• goods

• services

• needs

• wants

Name a good that you need

A producer is

• someone who makes goods or offers services

• someone who buys goods or service

Saving money means to

• spend all of it

• trade money for a good or a service

• keep money to use later

A consumer is

• someone who buys a good or a service

• someone who makes a good or a service

the study of the buying, making, and selling of goods and services

• good

• economics

• scarcity

The process of choosing one good or service over another. The item not chosen is the __________.

• good

• loss

• opportunity cost