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