Social Studies 1
What are items you can see called?
Goods
Work that people do is called?
A Service
What is the name of people who use goods and services?
Consumers
When you depend on someone or trust someone?
Rely
Define fund?
a sum of money made available for a particular purpose.
How did early settlers get what they wanted and needed?
They had to find,grow, or make these things for themselves.
What do Entrepreneurs do?
They start businesses to provide goods and services to people.
What are 3 reasons to buy local?
1: Lower shipping cost.
2: Supports local businesses.
3: Fresher products.
How are natural resources natural?
They are not made by people. They are found in nature.
What is human capital?
Skills, knowledge and experiences people have.
What are some ways people today are able to get things that are different from ways in the past?
People can buy goods on the internet. You can go to a shopping mall to buy goods. People can buy goods that have been made in distant places and have them shipped to their homes.
How has the internet changed how people get goods??
People do not have to leave their home to buy and sell goods. They can do business on their computers. They can have goods shipped directly to them.
Why did early settlers rely on natural resources to meet their needs?
They had to use what was available to them or what they could find in nature.
What are human resources?
Peoples talents and skills.
How do human resources help people get what they need and want?
They make things, transport things, sell things, and do other work that helps provide goods and services.
What are some examples of capital resources?
Plows used by settlers for planting. Scissors used by barbers to cut hair.
Why does everyone have to make economic choices?
Because they have limited resources.
What is a trade-off?
The loss of one thing to gain another.
Why do producers like to build their businesses near the resources they need to make and sell stuff?
It makes it easier to produce their goods and saves money on shipping which allows them to charge lower prices to consumers.
What is cost?
The price needed to get something else.
What is a benefit defined as "useful result"?
It meets a need or a want.
Why do costs and benefits help determine how people get what they need and want?
People consider what they can afford and the best way to meet their needs and wants with the resources they have.
What were 3 ways ways the economies of later settlements and towns changed from the economies of early settlers?
1. People traded or earned money to get what they needed.
2. They bought local goods.
3. Entrepreneurs built businesses to provide goods and services for consumers.