Vocabulary
Vocabulary
Productive Resources
Economics
Jeopardy Fun
100
The study of how people make choices to get the things they need and want?
What is economics?
100
The way things are made and the way people get their needs and wants.
What is an economic system?
100
The shovel, the watering can and the hoe were all examples of this productive resource in the book, The Little Red Hen.
What is capital?
100
Any object a person wants or needs to help them survive
What are goods?
100
This helps human resources be more efficient at what they do.
What is specialization?
200
Actions or activities one person performs for another person
What are services?
200
Any man made resource used to make a good or a service.
What is capital?
200
The sun, the water, and the soil in The little Red Hen are all examples of this.
What are natural resources?
200
I have $10 in my pocket at the bookstore. After thinking of the many pros and cons of my different choices, I decide to buy a book for my daughters instead of a book for myself, my husband, or my friend. This choice has an opportunity cost.
What are the books for myself, my husband and my friend?
200
A factory, a farmer, and a plant
What are producers?
300
A person who buys products, uses products, and/or eats food.
What is a consumer?
300
The assignment of specific tasks (jobs) to members of a team to increase the efficiency of production.
What is division of labor?
300
The person who takes on the risk and organizes all the productive resources.
What is an entrepreneur?
300
The reason people cannot have and do everything they want.
What is resources are scarce? or scarcity?
300
Everyone is a consumer, but not everyone is a ______.
What is a producer?
400
Giving up the chance to buy something now so that you can buy something else. This is your next best choice.
What is opportunity cost?
400
People, groups, or companies that make goods and services.
What are producers?
400
Teachers, doctors, barbers are examples of this.
What are human resources?
400
People can produce more at a cheaper cost if they do this.
What is specialization?
400
The voluntary exchange of goods and services between people or countries.
What is trade?
500
Limited quantities of resources (not enough resources to meet all the needs and wants of the people).
What is scarcity?
500
The availability of productive resources in a region promotes specialization and result in this.
What is trade?
500
The availability of this promotes specialization and this can lead to trading.
What are productive resources?
500
At the Cool Clothing Factory, each group of employees is responsible for sewing together particular pieces of the winter coats the factory produces. This helps the factory make suits more quickly for less money. This is an example of this vocabulary word.
What is division of labor?
500
This occurs when regions and countries specialize in what they produce best and then trade with other regions to increase the amount and variety of goods and services available.
What is interdependence?
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