34
Lesson 34 of 84 · Economics
Goods and Services
Needs are things required for survival: food, water, shelter, clothing. Wants are extras: toys, games, vacations. Understanding the difference helps us make smart choices.
Key Facts
1
Money is a medium of exchange.
2
Needs are different from wants.
3
Supply and demand affect prices.
Check Your Understanding
Question 1
1 of 2What is trade?