Are You A Smart Shopper?
Part 1: Fill in the appropriate boxes with items from the list. List the things you WANT in the left column and the things you NEED in the right column.
Here are some examples: Skateboard, Horse, Food ( a ham and cheese sandwich, chips and cookies) , McDonalds Happy Meal, backpack, MP3 player, shoes for school, television for bedroom, jeans, new Hannah Montana or Cardinals sheets for your bed. (Ok, so maybe you don't like Hannah or the Cards, but you get the the idea, the special designers items will cost much more than just plain sheets!)
Part 2: Answer the following questions or definitions. Click on the underlined words to link to articles or glossary to help. Remember you might have to read and scroll down!
1. What is the difference in a brand name product or a generic brand?
2. An __________________ ______________ (2 word answer) is the most important alternative that is given up as a result of a specific economic decision. Sometimes this is called a trade-off.
3. What is the definition of a producer and consumer as it relates to economic terms.
4. Trading for goods and services directly without using money is called __________________.
5. Goods are__________________________.
6. Services are _________________________.