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.

Jenny has hundreds of stuffed animals to sell. The stuffed animals are considered the _________.

• supply

• demand

• buyer

• seller

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

iPhone X just came out and many people want it. What will happen to the price?

• 
• 

A new bakery comes to town. Now there are more options for a bakery. What will happen to the price?

• 
• 

Halloween is almost here! The supply of candy is going down. What will happen to the price?

• 
• 

_____________ are things that people make or use to satisfy their needs and wants.

• Goods

• Services

• Producers

• Consumers

________________ are activities that satisfy people’s needs and wants.

• Goods

• Services

• Needs

• Wants

______________ are people who use natural resources, human resources, and capital resources to make goods or provide services.

• Producers

• Services

• Goods

• Resources