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Goods and Services (3) How do producers and consumers affect each other?…
Goods and Services
3) How do producers and consumers affect each other?
supply
amount of goods that is available to consumers
demand
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
go down
1) What are goods?
Made
clothes, computers and cars (manufactured)
Grown
fruits and vegetables
made from natural resources
e.g. paper, pencils, furniture - wood
2) What are services?
work(someone does-someone else)
a firefighter
the service of keeping people safe
a dog-walker
walking dogs
a teacher
service of teaching
a babysitter
a dentist
a bus driver
made/offered locally
from other parts of country
a producer: makes/grows goods or provide services
a consumer: buys goods or services