Economics
A plan that shows your income, expenses, and savings.
what is budget
triple
Things that people must have to survive
What are needs
triple
Things that people would like to have but can live without
What are wants
Goods sent out of a country or state.
What is export.
Value of the thing given up when a choice is made between two things
What is opportunity cost
Triple
Someone who buys goods and services
What is a consumer
Double
Actions done for others in exchange for payment
What are services
Products that people consume or use
What are goods
To receive money for a service.
What is earn.
Things in nature for which humans have found a use
What are natural resources
Double
Someone who makes goods or provides services
What is a producer
A resource that is a person using their talent or skill.
What is human resource
double
A resource that is human made and used to produce goods.
What is capital resource.
Double
Name a capital resource in a bakery.
Examples: oven, bowls, baking pans
The three purposes of money
What is
earn, spend, save
Give an example of a need.
Example: What is food, shelter, clothing, etc.
double
Give an example of a want.
What is candy, video game, soda, etc.
Double
A plan that shows how you earn, save, and spend money.
What is budget.
Tell something you would need to save money for.
Example: bike, computer, phone, etc.
Triple
Tell something you would spend money on without having to save.
Example: gum, candy, pencils, etc.
What is market
Give an example of something we export from Nebraska
Example: corn, soybeans, cattle
Give an example of something we import to Nebraska.
Example: oranges, bananas, seafood
What you give up in order to purchase something else.
What is opportunity cost
Give an example of how a third grader could earn money.
What is raking leaves, doing chores, lemonade stand, etc.
double