Economics Review

Want

Wants are things that a person would like to have but are not needed for survival. A want may include a toy, expensive shoes, or the most recent electronics.

Needs

Needs are things that people require to survive. Food, water, clothing, and shelter are all needs.

Multiple Choice

Is water a need or a want?

• Need

• Want

Multiple Choice

Is a Xbox a need or want?

• Need

• Want

Goods

Products made or grown

Service

Work someone does for something else

Multiple Choice

Is getting a haircut a good or service?

• Service

• Good

Multiple Choice

Is a a gallon of milk a good or a service?

• Good

• Service

Producer

Producers create, or produce, goods and provide services

Consumers

Consumers buy those goods and services with money.

Multiple Choice

Are farmers who grow corn and sell it producers or consumers?

• Consumers

• Producers

Multiple Choice

If we are buying corn from farmers what are we called?

• Consumers

• Producers

Import

Import means to bring in items from another country.

Export

Export means to send to another country.

Multiple Choice

If I am sending something to another country, am I importing or exporting it?

• Exporting

• Importing

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Spend

We can spend it. This means we use our money to buy an item, like a toy, a snack, or a new pair of shoes

Save

We can save it. This means we keep our money somewhere safe and use it at a later time.

Multiple Choice

If I put money in my piggy bank and keep it there for a year. Am I saving or spending money?

• Saving

• Spending

Multiple Choice

If I get Starbucks every day, am I spending money or saving it?

• Saving

• Spending