SS1E1 The student will identify goods that people make and services that people provide for each other. SS1E2 The student will explain that people have to make choices about goods and services because of scarcity. SS1E3 The student will describe how people are both producers and consumers. SS1E4 The student will describe the costs and benefits of personal spending and saving choices Economic Understanding

Economics is the study of the making, buying, and selling of goods or services. Economic Understanding

SS1E1 The student will identify goods that people make and services that people provide for each other. What is a good? What is a service? Goods and Services

Goo ds Circle Map

Servi ces Circle Map

A good is an object that people want and they can touch and hold it. A service is an action that a person does for someone else.

Type Services Goods and Services Tree Map Goods

DANGELO

Scarcity SS1E2 The student will explain that people have to make choices about goods and services because of scarcity.

Scarcity Do you think that whatever you want or need will always be available? Since a consumers wants are always higher the supply, good and services are said to be scarce. Goods and services are not unlimited!

Scarcity is the condition of not being able to have all the goods and services that you want! I would love to have….. Scarcity

Directions: Read the following statements and write a S if the statement shows an example of scarcity. Leave it blank if it does not show and example of scarcity. 1. _________ Ms. D’Angelo has 21 students in her class. She bought a box of 12 Twix bars. All of her students want one. 2. ________ Four friends go to the store to buy the same popular shirt. There are seven of the shirts left in the store. 3. _________ The Smith family wants to rent some cabins for their summer vacation. They need 4 cabins, but there are only 2 still available. 4. _________ There are 300 people in line to buy a brand new computer. The store only has 250 to sell. 5. _________ Five different moms went to Wal-Mart to buy Fruity Pebbles cereal. There are 15 boxes on the shelf. 6. _________ Ronnie went to buy a new red sports car, but when he got there they were sold out. 7. ________ Kaden and Kimberlynn wanted to go and buy new pink earrings. There were three pink earrings left. Scarcity or Not Daily Grade

SS1E3 The student will describe how people are both producers and consumers. Producers and Consumers

A producer supplies the consumer with the goods and services and the consumer will create a demand for the good and service. The consumer will buy the goods and services Plants as Producers Producers and Consumers

SS1E4 The student will describe the costs and benefits of personal spending and saving choices Spending and Saving

Costs and Benefits of Saving Money CostsBenefits

Costs and Benefits of Spending Money CostsBenefits