Goods + Services
What is a good?
Things that people make to satisfy needs or wants
What is a person who uses goods and services?
A consumer
What is a natural resource?
A resource that comes from nature, or the earth
What is economic choice?
Choosing to spend your money on something, or a choice among alternatives + other possibilities
What does it mean to specialize in something?
To be an expert, or to be the best at it
What is a service?
Activities that satisfy people’s wants and needs
What is someone who uses resources to make goods or provide services?
A producer
A person working to make a good or service, or a person doing a job
What is opportunity cost?
The next best thing that is given up when making an economic decision
Why do places specialize in things?
To increase production
Give an example of a good
Give an example of a consumer
buying _______, ordering _________, eating _______, consuming ________, etc.
What is a capital resource?
Tools and machines used to do a job
What is the economic choice?
I decided to buy the pretzel instead of the ice cream
What is trade?
Exchanging or giving one thing in return for another
Give an example of a service
Doctor, wator, bus driver, etc.
Give an example of a producer
making _________, doing ________ job, giving ________, etc.
Why do we use resources?
To produce goods and services
What is the opportunity cost?
I decided to buy the pretzel instead of the ice cream
Why do people/places trade with each other?
Because we can't have everything we want/because places don't always have the resources they need
Why do people purchase goods and services?
To satisfy their wants and needs
What do producers make for consumers?
Goods and services
Give 1 example of each type of resource
natural- soil, sun, water, etc.
capital- bulldozer, grill, bus, etc.
human- teacher, driver, chef, etc.
Give 1 example of economic choice and 1 example of opportunity cost
various answers (economic choice = thing chosen, opportunity cost = thing given up)
Give an example of trading
switched markers, buying something, gave one toy for another, etc.