Economics
BY Jese
Wants & Needs
• Something that you want is like a toy or video games
• Every body would like to have something like animals and internet
• Something that you need is food, water, and shelter
• Every body needs this stuff to survive
Goods & Service
• A good is someone who makes stuff and sells them
• Farmers would make corn, beans, and other crops and sell them
• A service is when you just sell stuff or do something for somebody
Scarcity
• Scarcity is when you want something and there is not enough
• Scarcity is like a store when everybody wants a new toy, and there is not enough for everybody
Supply and Demand
• If everyone want a cool toy, the store will raise the price
• Like if you were at Wal-Mart and a new toy or game was for sell and everyone wants that thing, they will raise the price
Profit
• The profit is when you buy something, like the jingle bell shop you will have to pay the company back the money they need
• We need to pay the company that gave us the stuff, we keep the extra money we get
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