Lesson 1
What is work that people do, such as fixing cars or cutting hair?
Services
What are people's skills and talents called?
human resources
Something you must have to live is called a what?
need
What is a job or work called?
an occupation
What is the maker of goods called?
producers
What are items you can see?
Ex: pencils, cars
Goods
What are human-made items used to make other foods or provide services?
capital resources
What is something you would to have but do not need.
want
What are your skills, knowledge, and experiences called?
human capital
What is the difference between producers and consumers?
producers are the maker of goods and consumer are the user of goods/services.
What is a user of goods called?
consumer
What is a natural resource?
Give me an example
Items found in nature that people use.
Ex: water, trees, minerals, soil
What is it called when you give up one thing for another?
trade-off.
What does it mean to spend now in the hope of future reward?
invest
Why do businesses choose areas that have the resources they need?
It saves money shipping the resources to other places. With saving this money, the goods cost less to sell.
What is the difference between importing and exporting goods?
Be specific and tell me exactly what each one means.
Import- to bring in goods from another country
Export- to sends goods to another country
Look at the following things and tell me which one is a capital resource, human resource and natural resource.
planting seeds
tractor
lettuce
natural-lettuce
capital- tractor
human- planting seeds
What is a volunteer?
someone who does work for free.
How does shopping local help support a community?
lower shipping costs/ wait time for products, support the local businesses instead of buying from other countries/areas, fresher products.
What is a benefit of exporting products?
Bringing in more/new customers.
If there is a display with milk, eggs, cheese, fruits and vegetables, what CAPITAL resources are needed to produce those items?
tractors, plows, factories
*capital resources would be buildings, machines, tools or equipment
What is the difference between a need and a want?
Give me 2 examples of each
A need is something you MUST have to survive. A want is something you would like but could survive without.
need: food, clothes
want: candy, video games
How can hard work be rewarding?
It helps us meet our wants/needs. It allows us to help others, it can make us feel good, etc.
If Leah studies hard in school. What is another way of describing what Leah did in school?
investing in her human capital