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