Unit: Needs and Wants
Want: Something that you would like to have but do not need to live.
example: toy, pizza, car, doll, movie, basketball
Need: Something that you need in order to live.
example: air, shelter, food, clothes, water
Goods: Something that you can hold or touch
example: toy, pizza, car, doll, movie, basketball, clothes, water, food
Services: Something that someone does for you
example: haircut, car wash, food or package delivery
Consumer: Person that buys a good or service
example: You, mother, father, friend, neighbor
Producer: Person that makes goods or provides services
example: baker, hairdresser, waiter/waitress, doctor
Scarcity: When there is not enough of something for everyone who wants it
example: You want a piece of cake but there is only ice cream left / There are five stickers and ten students
Trade: When two people exchange items with each other and both benefit from the exchange
example: I give you a pencil you want and you give me a crayon I want / I want your toy car and you want my ball so we trade
Money: Created to simplify trade; cents or bills
example: I want a doll so I give $5 to the store clerk – I trade money for a doll and we both benefit from the trade
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