Marketplace

​A marketplace or market is where things are traded, bought, or sold.

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​Markets make getting the things we need and want in our daily life easier.

Producers vs. Consumers

​Producers:

• ​Someone who makes a good or service

• ​Farmer

• ​Author

• ​Fisherman

Consumers:

• Someone who buys goods or services.

• ​everyone is a consumer!

​Goods v. Services

​Goods:

• ​Something you can touch with your hands

• ​pencil

• ​food

• ​book

• ​toy

​Services:

• ​A job you pay someone else to do

• ​teacher

• ​waiter

• ​doctor

• ​police office

What is scarcity?

​Scarcity

This is when your wants are so much bigger than the amount of something there is.

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​Scarcity

​People have unlimited wants.

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The unlimited wants can be goods or services.

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​Scarcity

Scarcity is when people want things, and there are not enough resources to meet their wants. There is not enough to go around.

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When scarcity exists, people have to make choices about the goods or services they use or buy.

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​Needs VS Wants & Scarcity

​If I only have $1, would I spend it on my NEEDS or WANTS first?

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​Needs VS Wants & Scarcity

You would spend it on your needs first! As much as we would love to have all the toys in the world, we should spend our money on the things you need like food and water first! Our money is scarce and we should see what we NEED first.