Vocabulary Review

What are goods?

• Tangible items produced and traded to satisfy human wants and needs.

• Natural resources used to produce goods.

• Services provided to satisfy human wants and needs.

• Intangible items produced and traded to satisfy human wants and needs.

What are services?

• Services are only provided by large companies.

• Services are intangible products provided to customers in exchange for payment.

• Services are free products provided to customers.

• Services are physical products provided to customers in exchange for payment.

Define supply.

• Total amount of a specific good or service available to consumers.

• The demand for a specific good or service.

• The number of producers in a market.

• The amount of money consumers are willing to pay for a specific good or service.

Define demand.

• Quantity of a product or service that consumers are willing and able to purchase at a given price and time.

• The cost of producing a product or service.

• The number of products or services available in the market.

• The amount of money consumers are willing to pay for a product or service.

Who is a producer? (economic definition)

• A producer is a person who acts in a film or television show.

• A producer is a person who writes scripts for films or television shows.

• A producer is a person who operates cameras during the production of a film or television show.

• A producer is someone who creates and supplies goods or services.

Who is a consumer?

• A government agency that regulates consumer protection

• An individual or entity that purchases goods or services for personal use or consumption.

• A business that produces goods or services

• A person who sells goods or services

What is the opposite of supply?

• demand

• surplus

• excess

• demand

What is the opposite of demand?

• supply

• ask

• request

• desire