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Goods & Services (3. RELATIONSHIPS BETWEEN PRODUCERS AND CONSUMERS…
Goods & Services
3. RELATIONSHIPS BETWEEN PRODUCERS AND CONSUMERS
producer
someone who makes or grows goods, or offers services
consumer
someone who buys goods or services
supply
amount of something available to consumers
demand
how much consumers want something
demand (low) = price (down)
demand (high) = price (up)
new item
lack of supplies
change prices to sell easily
1. GOODS
things that people buy and sell
manufactured, built or made
ex)
cars
computers
clothes
from natural resource
ex) wood
pencils
furnitures
paper
homes
grown
ex) fruits and vegetables
2. SERVICES
work someone does for someone else
ex)
bus driver
service of driving
teacher
service of teaching
firefighter
service of keeping people safe
dentist
keep our teeth healthy
can be offered
locally
to and from other coutnries