Economic Goods and
Services
What I WANT You to Know

WANT
 Have

a desire to possess or do something you wish
ECONOMIC WANT
 Desires
that can be satisfied by consuming a good,
service, or leisure activity
Economic v. Non-Economic Wants
ECONOMIC
NON-ECONOMIC

Cost Money

Does Not Cost Money

Examples:

Examples:
 Food
 Going
 Clothing
 Amusements
 Music
Parks
to the Park
 Going to the Ocean
 Public Library
 Jazz in June
Goods
Tangible items that people can buy & sell

Consumer Goods

Industrial Goods
 Clothing
 Steel
 Food
 Aluminum
 Tables
 Tires
 Cars
 Pallets
 iTunes
 Concrete
Services
Activities that are done for you by someone else

Consumer Services
 Hair
Cut
 Medical
 Car

Industrial Services
 Machine
Examination
Wash
 IT
Repairs
Help
 Poll
Service
 Cable
 Marketing
 Netflix
 Secret
Shop
Why Can’t I Have Everything??

Scarcity
 We
have more WANTS then we have MEANS to
obtain them
 More
 Less
Scarce = Higher Price
Scarce = Lower Price
Your Affect on Price

Supply & Demand
 Businesses
 You

control SUPPLY
(the consumer) control DEMAND
When you DEMAND an item…
 Businesses
will be willing to SUPPLY them
Do They Provide A “Good” or “Service”?
Business
Good
Trader Joe’s
X
Service
Chipotle
X
Star Tran
X
Time Warner
X
Marcus Movie Theatres
Barnes & Noble
Both
X
X
Williams Cleaners
X
United States Postal Service
X
QUESTION ONE

A characteristic of human wants is that they are
 A.
limited
 B.
unchanging
 C.
unlimited
 D.
consistent
QUESTION ONE

A characteristic of human wants is that they are
 A.
limited
 B.
unchanging
 C.
UNLIMITED
 D.
consistent
QUESTION TWO

What determines whether an economic product is
an industrial product or a consumer product?
 A.
Who buys and uses the product
 B.
The price of the product
 C.
Who produces the product
 D.
The origin of the product
QUESTION TWO

What determines whether an economic product is
an industrial product or a consumer product?
 A.
WHO BUYS AND USES THE PRODUCT
 B.
The price of the product
 C.
Who produces the product
 D.
The origin of the product
QUESTION THREE

Producers respond to consumers' positive
economic votes by
 A.
producing more industrial goods
 B.
decreasing production
 C.
increasing production
 D.
classifying their goods and services
QUESTION THREE

Producers respond to consumers' positive
economic votes by
 A.
producing more industrial goods
 B.
decreasing production
 C.
INCREASING PRODUCTION
 D.
classifying their goods and services
QUESTION FOUR

A student purchased a laptop to use for homework
assignments. In economic terms, this computer
would be classified as a(n) __________ good.
 A.
consumer
 B.
capital
 C.
ultimate
 D.
industrial
QUESTION FOUR

A student purchased a laptop to use for homework
assignments. In economic terms, this computer
would be classified as a(n) __________ good.
 A.
CONSUMER
 B.
capital
 C.
ultimate
 D.
industrial
QUESTION FIVE

If a good or service is scarce, consumers will
usually be
 A.
willing to pay more money to get it
 B.
uninterested in owning it
 C.
able to get as much of it as they want
 D.
unwilling to buy it
QUESTION FIVE

If a good or service is scarce, consumers will
usually be
 A.
WILLING TO PAY MONEY TO GET IT
 B.
uninterested in owning it
 C.
able to get as much of it as they want
 D.
unwilling to buy it