economics review

What is a good?

• things people buy and consume

• having limited resources

• saving money

What is scarcity?

• having limited resources

• having too many things

• shopping for goods

How are saving and spending different?

• Saving is keeping your money and spending is buying.

• Spending is keeping your money and saving is spending your money.

• Spending is making things and saving is putting your money in the boank.

What does a producer do?

• They go shopping.

• They make goods or provide a service for others.

• They serve people.

What does a consumer do?

• They use the goods and services provided by a producer.

• They save their money.

• They make goods and provide services.

What can you use to save your money in?

• a car

• a bank

• garden

If you want to buy something in the future you will need to....

• Go shopping everyday.

• Spend all of your money.

• Save your money.

When you make a purchase you should...

• Buy the first thing you see.

• Buy all of what you want.

• Compare the cost of the items first.

What is a choice?

• What someone thinks.

• What someone chooses.

• What someone tells you to do.

Which one is a want?

• water

• clothes

• candy