Needs/Wants
What is a Need?
Something that we must have to survive.
What is a Good?
A good is something that you can use or consume, like food or CDs or books or a car or clothes.
What is a Producer?
Producers are people who make or grow good to sell.
If supply is high, Demand is _________
Low
What is a Capital Resource?
Capital Resources are items that are used to create other goods or help perform a service. They help Human Resources do their jobs better.
Examples: Stove for Cook, HairDryer for Salon haircuts, White board for Teacher, Bulldozer/ Hammer for Construction worker.
What is an example of a need?
Shelter, Clothing, Food, Water, etc.
This helps you keep track of what you are spending or saving
Budget
What is an example of how you could be a producer?
Lemonade stand, selling things, bake sale, etc
If Supply is Low, Demand is _________
High
What is a Human Resource?
A human resource is a person who provides a service.
Teacher, Construction Worker, Doctor, Dentist, Mechanic, Chef...etc
What is a Want?
Something that you would like to have.
What is an example of a service?
Flying on an airplane, A Mechanic fixing your car, A check up at the doctor, Rake your neighbors leaves
What is an example of a Consumer?
Buying food, buying a movie ticket, etc.
Who is paid for by taxes?
Teacher will accept
What is a Natural Resource?
A natural resources is a resources created in nature.
Example: Trees, Wind, Water, Food, Coal, Dirt and Soil.
What is an example of a need during a Pandemic?
Mask, Sanitizer...etc.
What is an example of goods?
A happy Meal from McDonalds, Shoes, Buying a cupcake
What is an example of a producer?
A farmer, A baker, A watch factory, An Author, etc.
Money collected from the Government
Taxes
Name a Human Resource and a Capital Resource you might use
Teacher accepts answer
What is an example of want?
McDonalds, a new iPhone, etc.
What is a Service?
A service is something that someone does for you
What is Consumer?
Consumers are people who buy or use goods made by producers.
What do we call money from other countries?
Currency
What is another example of a Natural Resource?
Answers may vary....coal, trees, wind, air, soil, sunlight.