Today we reviewed the 'Goods -vs- Services' homework. Next, we revealed items from brown paper bags and classified them as Wants or Needs. Then we discussed the difference between Producers and Consumers, as well Supply and Demand.
Students should complete the Producers and Consumers worksheet. In addition, they should come up with their own example of a time when there is high supply/low demand and low supply/high demand.
When you run errands, ask your student if the store you are in provides goods or services; are you purchasing wants or needs? If you are dining out, ask about the reasons your family chose the particular restaurant - price? quality of food? good service? cleanliness? This will reinforce the lessons they are learning!