Economics

Which of these examples is a service?

• Mr. Farr sells guitars.

• Mr. Swenson gives art supplies to consumers.

• Coach provides lessons for different sports.

• Ms. Miller writes books.

What is supply?

• the amount of an item you have

• how many people want your good/service

• the money you have left over after you paid your bills

• none of these

What is demand?

• the amount of an item you have

• how many people want your good/service

• the money you have left over after you paid your bills

• none of these

things purchased by consumers

• goods

• consumer

• producer

• supply

A person who provides a good or service

• producer

• need

• want

• consumer

A person who purchases a good or service

• consumer

• taxes

• supply

• good

Basic things humans need to survive

• need

• want

• import

• demand

Extras that make life more enjoyable

• want

• need

• producer

• savings

how much of a good or service consumers want

• demand

• spending

• producer

• scarcity

The amount available

• supply

• demand

• import

• natural resource