4th Grade Economics

SERVICES are...

• a business that holds and loans money.

• things you do for people.

• things that people use.

• laws.

GOODS are...

• a business that holds and loans money.

• things you do for people.

• things that people use.

• laws.

In Economics, who are the producers?

• People who USE goods and services.

• People who PROVIDE goods and services.

• People who MAKE LAWS for economics.

• People who ENFORCE restrictions on goods and services.

In Economics, who are the consumers?

• People who USE goods and services.

• People who PROVIDE goods and services.

• People who MAKE LAWS for economics.

• People who ENFORCE restrictions on goods and services.

A producer needs 3 resources:

• Capital, State, & Federal Resources

• Glass, Metal, & Plastic Resources

• Natural, Human, & Capital Resources

• Strength, Power, & Water Resources

What is the goal of a producer or business?

• To have competition.

• To break even (spend as much as they make).

• To deal with stress.

• To make a profit (make more money than they spent).

What is the goal of a consumer?

• To make money (get a job) to buy the things they need and save.

• To stay healthy (eat right, workout, drink water.)

• To stay organized at home, school, and work.

• To prepare the laws for businesses to run correctly.

Where do businesses get their money to start their business?

If you have a high supply of fidgets and a low demand for fidgets...

• the fidgets prices will go down.

• the fidget prices will go up.

• the fidget prices will stay the same.

If you have a low supply of fidgets and a high demand for fidgets...

• the fidgets prices will go down.

• the fidget prices will go up.

• the fidget prices will stay the same.