Resources
What are productive resources?
Resources used to make goods and services
What is a good?
Anything you buy that you can hold or touch.
What is trade?
Exchanging one good or service for something else.
What is supply?
The amount of something that is available.
Who is a consumer?
A person who buys a good or a service.
Define natural resources
What are "Gifts of nature" present without human intervention.
Define a service
An activity we pay someone else to do for us.
What does scarcity mean?
Not having enough of the thing you want.
What is demand?
The number of people who want or need something.
Who is a producer?
A person who makes a good or a service
What are human resources?
The quantity and quality of human effort directed to producing goods and services.
Give an example of a need.
Food, shelter, or clothes.
Explain barter.
Trading one good or service for another.
What is free enterprise?
Very few restrictions on business activities by the government.
What is labor?
Physical and mental effort used to produce goods and services.
What are capital resources?
Tools, equipment, and buildings used to make other goods and services.
Give an example of a want.
An Xbox, candy, or nail polish.
What is specialization?
Making one kind of good or providing one kind of service.
Explain competition.
At least two producers wanting to sell their products or services.
Define entrepreneur.
An innovator who organizes resources to make and sell a product.
What is the difference between goods and services?
Goods are tangible items you can hold, while services are activities we pay someone to do.
How do consumers and producers differ?
Consumers buy goods and services; producers make goods and services.
Define imports and exports.
Imports are bringing in goods/services; exports are sending goods/services to other countries.
What is a monopoly?
The sole ownership of a trade or business.
What is a slogan?
A short, memorable phrase used in advertising