Economics

What are "Goods"?

• Work that someone does for someone else

• Things that are made or grown

What are "Services"?

• Work that someone does for someone else

• Things that are made or grown

Who is a "Producer"?

• Someone who buys goods or services

• Someone who makes or grows goods or offers services

Who is a "Consumer"?

• Someone who buys goods or services

• Someone who makes or grows goods

What is "Supply"?

• How much consumers want something

• The amount of something available to consumers

What is "Demand"?

• The amount of something available to consumers

• How much consumers want something

Which of the following is an example of a good?

• Haircut

• A taxi ride

• Cheeseburger

• Clothes cleaned

Which of the following is an example of a service?

• Toys

• Groceries

• Lawn cut

• Jeans

Who is considered a "producer"?

• Someone seeing a movie

• Someone grocery shopping

• Chef

• Someone getting their hair cut

Who is considered a "consumer"?

• Someone seeing a movie

• Farmer

• Chef

• Doctor