Producers, Consumers, and Resources

Front

What is demand?

Back

Demand is the desire for a product or service, indicating how much people want it.

Front

What is supply?

Back

Supply is the amount of a product or service that is available for people to buy.

Front

What is a producer?

Back

A producer is someone who makes or provides goods and services.

Front

What is a consumer?

Back

A consumer is someone who buys and uses goods and services.

Front

Can a person be both a producer and a consumer?

Back

Yes, a person can be both a producer and a consumer.

Front

What is a need?

Back

A need is something that is essential for survival, like food and water.

Front

What is a want?

Back

A want is something that is not essential but is desired, like toys or ice cream.

Front

Are goods always free?

Back

No, goods are not always free; they usually have a cost.

Front

What is saving?

Back

Saving is when someone keeps their money instead of spending it.

Front

What is spending?

Back

Spending is when someone uses their money to buy goods or services.