Economic Goods and Services What I WANT You

Economic Goods and Services

What I WANT You to Know WANT Have a desire to possess or do something you wish ECONOMIC Desires WANT that can be satisfied by consuming a good, service, or leisure activity

Economic v. Non-Economic Wants ECONOMIC NON-ECONOMIC Cost Does Money Not Cost Money Examples: Food Going Clothing Amusements Music Parks to the Park Going to the Ocean Public Library Jazz in June

Goods Tangible items that people can buy & sell Consumer Goods Industrial Goods Clothing Steel Food Aluminum Tables Tires Cars Pallets i. Tunes Concrete

Services Activities that are done for you by someone else Consumer Hair Services Cut Medical Car Industrial Services Machine Examination Wash IT Repairs Help Poll Service Cable Marketing Netflix Secret Shop

Why Can’t I Have Everything? ? Scarcity We have more WANTS then we have MEANS to obtain them More Less Scarce = Higher Price Scarce = Lower Price

Your Affect on Price Supply & Demand Businesses You When control SUPPLY (the consumer) control DEMAND you DEMAND an item… Businesses will be willing to SUPPLY them

Do They Provide A “Good” or “Service”? Business Good Trader Joe’s X Service Chipotle X Star Tran X Time Warner X Marcus Movie Theatres Barnes & Noble Both X X Williams Cleaners X United States Postal Service X

QUESTION ONE A characteristic of human wants is that they are A. limited B. unchanging C. unlimited D. consistent

QUESTION ONE A characteristic of human wants is that they are A. limited B. unchanging C. UNLIMITED D. consistent

QUESTION TWO What determines whether an economic product is an industrial product or a consumer product? A. Who buys and uses the product B. The price of the product C. Who produces the product D. The origin of the product

QUESTION TWO What determines whether an economic product is an industrial product or a consumer product? A. WHO BUYS AND USES THE PRODUCT B. The price of the product C. Who produces the product D. The origin of the product

QUESTION THREE Producers respond to consumers' positive economic votes by A. producing more industrial goods B. decreasing production C. increasing production D. classifying their goods and services

QUESTION THREE Producers respond to consumers' positive economic votes by A. producing more industrial goods B. decreasing production C. INCREASING PRODUCTION D. classifying their goods and services

QUESTION FOUR A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) _____ good. A. consumer B. capital C. ultimate D. industrial

QUESTION FOUR A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) _____ good. A. CONSUMER B. capital C. ultimate D. industrial

QUESTION FIVE If a good or service is scarce, consumers will usually be A. willing to pay more money to get it B. uninterested in owning it C. able to get as much of it as they want D. unwilling to buy it

QUESTION FIVE If a good or service is scarce, consumers will usually be A. WILLING TO PAY MONEY TO GET IT B. uninterested in owning it C. able to get as much of it as they want D. unwilling to buy it