Goods and Services (3) How do producers and consumers affect each other?…
Goods and Services
3) How do producers and consumers affect each other?
amount of goods that is available to consumers
how much consumers want the goods
e.g. super robots - in high demand
store - run out of its supply
the price - go up
e.g. new super duper robots
people - newer ones
the price for older ones
1) What are goods?
clothes, computers and cars (manufactured)
fruits and vegetables
made from natural resources
e.g. paper, pencils, furniture - wood
2) What are services?
work(someone does-someone else)
the service of keeping people safe
service of teaching
a producer: makes/grows goods or provide services
a consumer: buys goods or services