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Basics of Economics-Life Skills Flashcards | StudBud
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Basics of Economics-Life Skills
Basics of Economics-Life Skills
25 terms
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StudBud Administration
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13 plays
Economics - Wants and needs - Goods and services - Producers and consumers
Flashcards
25 cards
F
Practice quiz
P
Host live
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Questions
25
Answers
1
What is a need?
Something someone does for you
Something that you want
Something that you need in order to survive
2
Need or want: doughnuts
Producer
Want
Service
Need
3
Producer or consumer?
Consumer
Producer
4
What is a good?
Something someone does for you.
Some one who sells something
An item you can buy
5
Need or want: food
Service
Want
Need
6
Need or want?
Want
Need
7
Need or Want: water
Service
Want
Need
8
Good or Service: I went to the grocery store and bought a gallon ofmilk
Good
Service
9
Good or Service: I needed a notebook for class so I went to the store and bought one.
Service
Good
10
Good or Service: I paid my neighbor to mow my lawn.
Good
Service
11
Good or Service: I went to Walmart and bought a basketball.
Service
Good
12
Producer or consumer: a mom buying veggies for her kids.
Consumer
Producer
13
Need or want: XBox One
Need
Want
Service
14
What is a service?
Something someone does for you
Someone who buys something
An item that you buy
15
Need or want: shelter
Consumer
Service
Need
Want
16
What is a consumer?
Someone who buys goods and services
The study of money and how it's used
Something you can buy
Someone who sells goods and services
17
Producer or Consumer?
Producer
Consumer
18
Consumer or producer: a farmer who grows pumpkins.
Consumer
Producer
19
Producer or consumer?
Consumer
Producer
20
Good or Service: I needed a package shipped so I paid UPS to send it.
Good
Service
21
What is economics?
The study of how people use money, goods and services.
The study of the earth and all it's landforms
How money is made
How poor people get rich
22
Producer or consumer?
Consumer
Producer
23
Good or Service: I wanted to make extra money so I tutored a friend after school.
Good
Service
24
What is a producer?
People who buy goods or services
Something that you can buy
People who sells goods or services
People who drive cars
25
What is a want?
Something someone does for you
Something you need in order to survive
Something that is not necessary to survival
