Vocabulary Terms

What is a good?

• Something that us made, bought, and sold.
• Work done for a person for money.
• Cash or credit card.

Which is an example of a service?

• Gummy Worms
• Target
• Haircut
• Pencils

If you are at the mall buying a new shirt, are you a producer or a consumer?

• Producer
• Consumer

What is a profit?

• The money a business looses from paying expenses.
• The money a business has left after all expenses are paid.
• A service done for a person for money.
• A measure of worth.

What is a want?

• Something you desire. You do not NEED this thing for survival, it is something you choose to have.
• Something you must have in order to survive or live your daily life.
• The amount of something that is available.

____________ is how many people want or need something.

• Supply
• Good
• Service
• Demand

Which is an example of a local business?

• Target
• Walmart
• A store owned by your neighbor that sells handmade soap.
• Starbucks

Is a car a want or a need?

• Chocolate and Milk
• Want

• Goods & Services
• Need

Which is NOT an example of a need?

• Food
• iPhone
• Shelter
• Water
• Oxygen

What project are we using these vocabulary terms for?

• Shark Tank
• Civil Rights Read Aloud
• Fifty States
• Book Jacket