Play Dough Economics Cornell Cougar Company Lesson 1 Tuchek

All individuals want to have a wide variety of things. Identify things you would like to have. Let’s create a “wishing well” together. As you share your wishes, I will type them on the presenter. We will then discuss the meaning of the wish list we have developed. Goods and Services: The Things We Want

Tuchek “Wishing Well” Pedicures* The Mall Restaurant* A billion $$$ Car* Indoor swimming pool Free shopping* Legos Aquarium* Giant ant farm Video games* Hot air balloon Mansion* Home movie theater Video game shop* Pet monkey Sport center* Pet store Ice cream store Book store Toy store Room full of toy stuffed animals

Sinila “Wishing Well” Toys* Michigan State Football Tickets Chocolate covered oranges* Nike town Soccer ball* Swimming pool Football pads* Wrestling headgear New basketball hoop* Special birthday vacation New playground* Giant Chinese noodles Trip to Paris* Soccer jersey Martial Arts * Legos Acting lessons* Video games Hello Kitty games Endless supply of donuts $$$$$$$$$$

Mowry “Wishing Well” Any really big Lego set* Giant Laboratory Barn with horse inside* Travel the world $$$$$$* More pets Ipod touch* Private jet Iphone 4* Yard sale Ipad2* No taxes Limo* Shopping spree Own a Farm* To be a doctor Lego Death Star* more cocktail umbrellas Tablet* Comaro Education in Anime* a wishing well Billions of dollars in research* to be a nurse Mansion* a giant chocolate fountain

Goods and Services: The Things We Want Economics studies how productive resources (land, labor & capital) are used to provide the goods and services that satisfy human wants. Goods are tangible items that result from production, such as books, automobiles, pants, paper clips, and shovels. Services are nonphysical results of production, and must be consumed as soon as they are produced. Examples include the services of a dentist, teacher, or plumber. Goods and services are things that people want.

Tangible things that people produce to satisfy people’s wants are called goods.

Services are also things people want, but they are intangible and are consumed at point of sale. A service can be a transfer of goods. A service can be the use of expertise.

Play dough Time… Each person will have their own container. Please keep colors separate. Thank you! You are going to make a good out of play dough. You will have about 8 minutes to make a small sculpture & then we will discuss your handiwork. Next, make a sculpture of someone performing a service.