S.S. Ch. 7 Lesson 2

p. 250-251

Identify examples of goods.

• cars, oranges, sneakers

• fixing bicycles, washing clothes, cutting hair

p. 252-253

How does production costs and selling price affect a company's profit?

• Keeping production costs lower and selling prices higher increases a company's profits.

• Consumers buy goods from people.

p. 254

Which is an example of someone was a producer?

• Making lemonade to sell on a hot summer day.

• Buying lemonade from a lemonade stand.

p. 254

Which is an example of someone was a consumer?

• Making lemonade to sell on a hot summer day.

• Buying parts at a store to fix your bicycle.

p. 255

How can the government's regulations and taxes affect the cost of a toy you want to buy?

• It may make production costs higher.

• It may make the production costs lower.

p. 256

How does scarcity of natural resources affect consumers?

• If natural resources become scarce, then there will be MORE goods to meet consumer demands.

• If natural resources become scarce, then there will be LESS goods to meet consumer demands.

Producers are....

• people who buy goods and services.

• people who makes a product or provides a service.

• things that people make or grow and then sell.

• a person who makes products.

Goods are...

• things that people make or grow and then sell.

• work that one person does for another.

• a person who makes a product or provices a service.

• soemthing that is needed to produce goods and services.

Services are...

• things that people make or grow and then sell.

• work that one person does for another.

• a person who makes a product or provices a service.

• soemthing that is needed to produce goods and services.

Consumers are...

• things that people make or grow and then sell.

• work that one person does for another.

• a person who spends money to buy things he or she needs or wants

• soemthing that is needed to produce goods and services.