Producers and Consumers Can you write definitions for these Economic terms Needs and wants Goods and services Producers and Consumers

What does a producer need to create goods and or services they want to sell?

What goods and services do they want to buy? What do consumers use to purchase goods and services? What goods and services do they want to buy?

Opportunity cost

You don't have enough TIME to study for your exam You don't have enough TIME to study for your exam. The only time you have is during the night, but you also want to sleep (Scarcity). You have to make a CHOICE, whether to STUDY or to SLEEP. If you choose to STUDY, your opportunity cost is your SLEEP and if you choose to SLEEP, your opportunity cost is your STUDY.

A small research task A pupil free day is coming up How will you spend this day? You have a budget of $20.00. Explain how you will spend your day. Talk about who will join you and where you go through the day. Find out exactly what it costs to go to your activities. Finally Did you enjoy your day? What were the opportunity costs you made through the day? Are you happy with your choices? Do you have any money left over. Assignment due Week 10 term 1 at your library lesson. Use an A3 piece of paper to present you work [your day]