think of something you would like to buy. do you know who makes it? do you know its price? buying,...
TRANSCRIPT
Who are Producers?Think of something you would like to buy. Do
you know who makes it? Do you know its price? Buying, selling, and deciding on
prices are important ideas in ECONOMICS!
Today’s GOALTo identify the different kinds of producersExplain the relationship between SUPPLY
and DEMAND
Today’s lesson will focus on producers, what goods they make and sell, and what services they provide to consumers. It also explains the relationship between supply and demand in a free enterprise system.
Important VocabularyProducerConsumerSupplyDemand
Producers WORK!Goods are things that can be boughtA producer ______________ and ____________
goods.Producers work to provide good or services
for others to buy or use.Name some different producers!
Consumers Buy ThingsA consumer is someone who _________ the
goods or services sold by a ________________.Producers are also CONSUMERS…Can you
think of an example?
Producers SpecializeTo specialize in something means you do a
SPECIAL type of work.
Producers specialize so they can better meet the needs of people and what people want.
FREE ENTERPRISEWe have the RIGHT to make choices…Producers can run any business they want!Consumers can buy anything they want and
can afford!
What is Supply?Producers are free to __________ what they
want, and consumers are free to __________ what they want.
At high prices, producers At low prices, producers
make more things. make less things.
What is Demand?Demand is the amount consumers are willing
to ______ for a certain _____________.
Evaluate….
Do you think free enterprise is good for people? Why or why not? Be ready to discuss your
answer with the class.