Economics

What is a good?

• A service

• A product we sell

• Something I want

• Something I need

What is a service?

• Something you do for a customer

• A product

• Something I want

• Something I need

What is a consumer?

• A person who makes a good or service

• Something someone makes

• A person that purchases a good or service

• Something someone buys

What is a producer?

• Someone who purchases a good or service

• Something that someone makes

• Something that someone buys

• A person or company that supplies goods or services

What is opportunity cost?

• How someone chooses a good or service

• Good things someone missies out on when choosing a different product

• What someone buys

• What someone makes

How do you barter?

• Making a good or service

• When someone chooses a good or service

• Making a good

• Exchanging a good or service for another good or service

What is a resource?

• How someone makes something

• Something a business needs to make their good or service

• Something someone wants to purchase.

• Who buys a product

What is an example of a good?

• Clothing

• Haircut

• Mail Delivery

• Car repair

What is an example of a service?

• Doctors office

• Toothpaste

• Furniture

• Nintendo Switch

What is an example of a producer?

• Noah

• Chair

• McDonalds

• Textbook