Economic Understanding SS 1 E 1 The student

Economic Understanding SS 1 E 1 The student will identify goods that people make and services that people provide for each other. SS 1 E 2 The student will explain that people have to make choices about goods and services because of scarcity. SS 1 E 3 The student will describe how people are both producers and consumers. SS 1 E 4 The student will describe the costs and benefits of personal

Economic Understanding Economics is the study of the making, buying, and selling of goods or services.

Goods and Services SS 1 E 1 The student will identify goods that people make and services that people provide for each other. What is a good? What is a service?

Circle Map Goo ds

Circle Map Servi ces

• A good is an object that people want and they can touch and hold it. • A service is an action that a person does for someone else.

Goods and Services Tree Map Goods Services Type Type

DANGELO

Scarcity SS 1 E 2 The student will explain that people have to make choices about goods and services because of scarcity.

Scarcity Do you think that whatever you want or need will always be available? • Since a consumers wants are always higher the supply, good and services are said to be scarce. • Goods and services are not unlimited!

Scarcity • Scarcity is the condition of not being able to have all the goods and services that I would you want! love to have…. .

Scarcity or Not Daily Grade Directions: Read the following statements and write a S if the statement shows an example of scarcity. Leave it blank if it does not show and example of scarcity. 1. _____ Ms. D’Angelo has 21 students in her class. She bought a box of 12 Twix bars. All of her students want one. 2. ____ Four friends go to the store to buy the same popular shirt. There are seven of the shirts left in the store. 3. _____ The Smith family wants to rent some cabins for their summer vacation. They need 4 cabins, but there are only 2 still available. 4. _____ There are 300 people in line to buy a brand new computer. The store only has 250 to sell. 5. _____ Five different moms went to Wal-Mart to buy Fruity Pebbles cereal. There are 15 boxes on the shelf. 6. _____ Ronnie went to buy a new red sports car, but when he got there they were sold out. 7. ____ Kaden and Kimberlynn wanted to go and buy new pink earrings. There were three pink earrings left.

Producers and Consumers • SS 1 E 3 The student will describe how people are both producers and consumers.

Producers and • A producer supplies the Consumers consumer with the goods and services and the consumer will create a demand for the good and service. • The consumer will buy the goods and services • Plants as Producers

Spending and Saving • SS 1 E 4 The student will describe the costs and benefits of personal spending and

Costs and Benefits of Saving Money Costs Benefits

Costs and Benefits of Spending Money Costs Benefits