Chapter 13 Gallopade Lesson

Chapter 13 Gallopade Lesson

by Deanna Smith

Definitions

• Price: how much money it takes to buy something

• supply: How much is available

• demand: How much people want of it

• shortage: no enough of something

• surplus: more of the resource than needed

• Sale: It takes less money to buy something

Producers

Producers are people and businesses that use resources to make goods and services. Producers sell their goods and services to other people and businesses. An example of a producer is a factor that makes computers, which are goods. Another example of a producer is a technician who repairs computers, which is a service.

Consumers

Consumers are eople who buy or use goods and services to satisfy their needs and wants. An example of a consumer is a man buying groceries, which are goods. Another example of a consumer is a woman getting a haircut, which is a service.

Multiple Choice

A candy bar is a

• good

• service

• consumer

• producer

Multiple Choice

When you buy a candy bar, you are a _________.

• good

• service

• consumer

• producer

Multiple Choice

The company that made the candy bar is the _______.

• good

• service

• consumer

• producer

Multiple Choice

The company who cleaned the candy bar stain from your carpet provided a ___________.

• good

• service

• consumer

• producer

Trade within Tn

Rivers, roads, canals, and railroads are transportation routes for moving goods from one place to another. Airplanes fly through the sky to deliver goods. Some goods are delivered digitally over the internet by means of cable or satellite. One day drones may make deliveries.

Local Exchanges

People buy goods and services in their local community. Here you can find grocery stores, gas stations, hair salons, plumbers, roadside stands, restaurants and so many other businesses.

Regional Exchanges

Good's made in one of Tennessee's three grand divisions maybe sold to another division. They will often sell to resellers, and the the resellers resell to their division. Some producers sell directly to consumers in other regions.

Unlimited Wants, Limited Resources

People's wants are unlimited, but resources are limited. Producers use resources to make goods and provide services.

Consumers use resources to pay for goods and services.

Scarcity is the lack of goods and services.

Multiple Choice

Definition of scarcity

• restricted; may not be available

• something that never ends or runs out

• something used to make goods and services

• lack of resources needed to be made or purchased that people want.

Multiple Choice

Definition of limited

• restricted; may not be available

• something that never ends or runs out

• something used to make goods and services

• lack of resources needed to be made or purchased that people want.

Multiple Choice

Definition of resource

• restricted; may not be available

• something that never ends or runs out

• something used to make goods and services

• lack of resources needed to be made or purchased that people want.

Multiple Choice

Definition of unlimited

• restricted; may not be available

• something that never ends or runs out

• something used to make goods and services

• lack of resources needed to be made or purchased that people want.

Multiple Choice

Look at question in the box.

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Multiple Choice

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Multiple Choice

Look at question in the box.

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Multiple Choice

Look at question in the box.

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Multiple Choice

Look at question in the box.

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Multiple Choice

Look at question in the box.

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Multiple Choice

Look at question in the box.

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Multiple Select

Look at question in the box.

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• D