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Goods & Services Wants & Needs By Kate Green ITRT – Suffolk City School 2007 SOL – 1.7, 1.8
Needs & Wants People can NOT have all the goods and services they want! You must choose some things and give up others!
Wants Something that you want, but can live without!
Needs Something you have to have to survive! Food Shelter Clothing
Goods Things people make or use to satisfy needs or wants.
Services Activities that satisfy peoples needs and wants. Community Helpers Game
Comparing Goods & Services Comparing Game
Buyer A person who uses money to purchase (buy) goods or services.
Seller A person who sells goods or services.
Producers & Consumers (Seller) (Buyer) Producers Story Consumers Story
Economics Thursday, January 30, 2014 Opening Question What is the difference between WANT and NEED?
Economics Thursday, February 5, Opening Question What is the difference between WANT and NEED?
Economics- the study of how people in a society make a living Economist- a person who studies economic choices.
What fundamental qualities make up Economics? Wants Versus Needs.
Economics VA SOL Grade 1 Created by: Jody Sommerfeldt SPS ITRT.
Introduction to Economics. What is Economics? Economics is the study of people producing and exchanging to get the goods and services they want. Simply.
Each day you will…. 1. Receive 2 terms and definitions per day 2. Copy a term and definition 3. Write the term in a sentence 4. Repeat At the end of this.
Trade Then And Now. Lesson Main Idea People trade for the goods and services that they need and want.
Economic Goods and Services Principles of Business.
The Basic Marketing Concept. 4.1 Marketing Applications A philosophy that a company’s success is ultimately dependent upon efficient identification of.
Needs and Wants Susan Davenport ELL 6050 December 6, 2008.
©2009, TESCCC Second Grade Unit 10 Lesson 1 Goods & Services.
Bajaj Coaching Center, Rohtak Visit bcc2000.com for more Information.
Chapter 1 Economic Decisions. Goals Distinguish between WANTS & NEEDS Explain the difference between goods and services Describe the economic resources.
US Economy Free Enterprise System. What is an economy? An economy is the resources of a country, state, region, or community and how the resources are.
ECONOMICS REVIEW. Needs & Wants Examples: Food Shelter Clothing Examples Videogames Ice cream Toys What is a need?What is a want?
Work for Food, Clothes and Toys Social Studies Online Grade 2.
Capitalism Chapter 19 Lesson 3. Capitalism System where private citizens own and use the factors of production in order to seek a profit.
Factors that Shift Demand & Supply. Variables that influence buyers 1 2 VariableA Change in This Variable... Price of the good itself Income Prices of.
Unit 1, Lesson 2 What Do Economists Study? AOF Business Economics Copyright © 2008–2012 National Academy Foundation. All rights reserved.
How money and goods flow in a Market Economy. What is a Market? A market is an arrangement that allows buyers and sellers to exchange things.
MONEY – The basic problem It doesnt grow on trees! Money Works: Money, customers and business.
Economics BY Jese. Wants & Needs Something that you want is like a toy or video games Every body would like to have something like animals and internet.
The Lemonade Stand By: CCHS DECA Entrepreneur people who own, operate, and take the risk of a business venture Characteristics of Successful Entrepreneurs.
Consumer Health Making Consumer Decisions. What is a Consumer? Consumer –Someone who uses goods or services Goods –Things that are made for consumers.
The Basics of Economics. Economic Activity Our economy, much like others around the world operate on a circular flow of economic activity. –Goods and.
Wants are things people would like to have, such as… and toys. a CD player, a bicycle,
The Role of the….. Basic Terms Producers – businesses that make goods and services Consumers – people who buy the goods and services Marketplace – location.
Economic Decisions Review By Mr. Soule. Difference between Needs and Wants Needs: -are essential to live -Food -Cloths -Shelter Wants: -add to the.
Chapter 1 Basic Economic Concepts Section 1.1 A Look at Wants and Needs.
Chapter 1.1 Vocabulary & Notes. An individual who undertakes the creation, organization, and ownership of a business.
Chapter 1 Economic Decisions And Systems. Satisfying Needs and Wants Needs - Essential – Things that are required in order to live Food Water Clean Air.
Welcome to Economics. Objectives 7.01 Describe the basic factors of production such as land, capital and entrepreneurial skills and their impact on economic.
Start saving NOW! You want to start saving as soon as you can.
Economics SOL 3.7 SOL 3.8 SOL 3.9 SOL 3.10 Exchange To trade one thing for another. Example: I want to trade in my green disk for a blue one. Barter.
March 22, A specific group of consumers at which a business aims its products and services Example.
Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist.
Warm-Up Ch.13 Section 1 What is it that you want right now? It can be any material possession in the world that is sold legally. Describe the process in.
2015/2016. What is Marketing???? Define in your own words (first) Gallery Walk around the classroom AMA Defines Marketing: Marketing is the activity,
Fourth Grade. Economics Economics is the act of transferring resources. It includes how people earn, spend, and save money.
Needs All humans have basic needs, these are essential if people are to survive. A need is what we need to survive. There are five basic needs, what are.
EQ: How do consumers and businesses interact in the United States economy?
3 rd Grade Economics Picture Vocabulary. What do we call the study of how people produce, sell, and buy products and services? _______________________________.
How to Save Money By Paige Eddington And Emma Neumann.
Good Anything that can be grown or manufactured (made) Food Clothes Cars.
INTRODUCTION TO MARKETING. BMI3C Unit 1 Slide 2 Introduction to Marketing BRAINSTORM Make a list of all the terms you think of when you hear the word.
What is economics? The study of how people manage their resources.
Marketing. Today… What is a market? What is marketing? Role of Marketing Marketing Objectives Marketing Activities.
ECONOMICS Business Management. ECONOMICS IN PERSPECTIVE O BJECTIVE We will identify basic micro- and macro- economic concepts in order to understand disposable.
Urban life and area. introduction. body#1. body#2. conclusion.
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