Third Grade Economics

What is a Good?

• Things people do.

• Things people buy.

Can a place provide both a good and a service?

• Yes

• No

What is an example of a service?

• haircut

• bread

• Legos

Is a bookstore a place that provides goods, services, or both?

• Goods

• Services

• Both

Is a hair salon a place that provides goods, services, or both?

• Goods

• Services

• Both

What is a consumer?

• Someone who makes something to sell?

• Someone who buys a good or service?

• A Lego master?

What is a producer?

• Someone who buys a good or service.

• Someone who provides a good or service.

• A desk.

Supply depends on what.

• Price

• The color of the product.

• Availability

• Time to make

Demand depends on

• How much the consumers want of the product.

• If it is sunny outside.

• If there is a sale on Amazon.

Generally, when the demand goes up and the product is _________, the price also goes up.

• on sale

• scarse

• free

• a lot of the product is available.