A consumer is anyone who buys a good or a service. A producer is anyone who sells or makes a good or a service.

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Presentation transcript:

A consumer is anyone who buys a good or a service. A producer is anyone who sells or makes a good or a service.

The process of choosing one good or service over another The item that you don’t pick is the opportunity cost The good or service you decided to pick

Miss Johnson went to the store because she had $25 to spend on something for herself. She picked out a pair of shoes and a sweater. Miss Johnson decided to buy the pair of shoes.

Andy had $30 to spend at the toy store, he really liked the skateboard and the basketball. He decided to buy the skateboard instead of the basketball.

Sam had enough money for either a stuffed rabbit or a bike. He decided to buy the bike because then he could ride bikes with his friends after school.