Lesson One
What is a consumer?
A person who gets and uses goods and services.
What is a capital resource?
An item used in the production of goods and services.
What does export mean?
A good we sell to other countries.
How is supply and scarcity related?
If a product is scarce, it is short in supply.
What is the economy?
The way people use their resources to make, sell, buy and use goods and services.
What is division of labor?
When the labor to make a product is divided up among many people.
What does import mean?
A good we buy from another country.
Technology is when...
science, tools, and machines work together.
How does supply and demand affect a business?
Supply and demand help a company decide how much of product to make.
How does an entrepreneur earn profit?
Selling goods and services for more than their expenses.
How does technology help Idaho's economy?
Technology helps our economy by providing jobs for people in Idaho. Technology also gives goods and services.
How are the terms global and export related?
Idaho exports products globally.
How does scarcity affect what we are able to purchase?
Scarcity affects what we are able to purchase because the supply is limited.
What are the four factors of production?
Entrepreneurs, capital resources, division of labor, profit.
How do scientists help farmers?
Scientists work with farmers to help them learn more about their soil and insects.
What is your biggest takeaway from chapter nine?
:)
TRUE or FALSE:
Food, books, and shoes are examples of goods.
TRUE!
What does Idaho's economy include?
Manufacturing, agriculture and mining.
Which two countries are Idaho's biggest trade partners?
Canada and Mexico.
When is Miss Maggio's birthday? ;)
May 31st