Vocab
What does resource mean?
Things that can be used as natural resources
What is a natural resource?
Land or anything that can be used to make a want or a good or anything that comes naturally from nature and isn't human-made
What are traditional systems?
Generational customs
What is the first question and its meaning?
What goods and services will be produced? When societies ask themselves this, they have to think about the people's’ wants and needs, along with they human, capital, and natural resources they already have.
Explain a time where you were scarce in something:
Ex: In art class, I was scarce in paint, so I had to get more to finish my project.
What are wants? Give three examples.
Wants are possession-like desires a person has. Some examples might be the newest phone, a pet, and a book.
What is a labor resource? Give an example
Workers' and their abilities'. A social studies is good at teaching history, economics, government, etc.
What are market systems? Give an example (A country)
Produce goods and services with resources. They use economic questions in everyday life. An example is the USA, Japan, and England.
What is the second question and its meaning? Give a solution answer (Which is a question!)
How will they be produced? How will they produce the good? Should they encourage big businesses with great producing tools, or should they encourage small/family businesses that hand-make goods?
Explain something as a resource and why it is the resource chosen:
A tree is a natural resource because it is nature-made/comes naturally and can be used to make a want/good.
Tell me the definition of your word and use it in a meaningful sentence.
Economics: The study of how an individual or society's make choices
When I entered collage, I decided to take an economics major so I can use that information to teach myself how to make decisions better according to my standards.
What is a capital resource? Give two examples.
Businesses and their tools. Restaurants use things like spatulas and ovens. Hair salons use things like curlers and razors.
What is a command economy? Give two facts (excluding the definition):
Planners who work for the government answer the economic questions. They decide what will be produced. Facts: They decide how goods will be produced and to whom they will be made available. Government planners command the actions that producers must follow,
What is the third question and its meaning? What influences the solution?
Who will consume/use them? Something that has a big influence on this question is what the society values/think is the most important. Some societies believe more in economic equality, while others lean more on the individual freedom side.
Why do we have the three basic economic questions in the first place?
Due to a scarcity of resources in different locations, each society has to make important economic questions and answers; What goods and services will be produced? How will they be produced? Who will consume/use them?
Use two of the words in a meaningful sentence.
Ever sine I've been doing a volunteering service, I learned about how I spend my money more on my wants rather than my needs, no now I'm going to take a halt on my iPhone shopping addiction to focus more on my needs for everyday life.
Are humans natural resources? Why or why not?
Yes, they are natural resources. This is because humans are made by nature, and not by human-produced tools. Humans also are in the ecosystem, are mammals, and affect food chains.
Name all the economies and an example about each:
Traditional: Generational customs-if your parents were farmers, you would be a farmer
Market: Produce goods and services with resources. Examples: USA, Japan, and England.
Capital: Planners who work for the government answer the economic questions. Decide how goods will be produced and whom they will be produced for
Name the three basic economic questions and their meanings:
What goods and services will be produced? Meaning: the people's’ wants and needs, along with they human, capital, and natural resources they already have. How will they be produced? Meaning: How will they produce the good? Who will consume/use them? Meaning: Who will use the product in which is produced?
Explain the main economic problem?
Everyone faces a problem with competing wants. Since many countries deal with scarcity, they cannot make all the wants people desire.
Use three of the words in a meaningful sentence.
Since our company is experiencing a huge scarcity in our resources, it's been much more challenging to produce goods for the shelves in our store, and out customers have been getting decently aggravated.
Name every resource and give an example:
Natural: Land-anything that can be used to make a want or a good-anything that comes naturally from nature like trees, humans, animals, vegetables Labor: Workers' and their abilities'. A chef is good at cooking in general. Capital: Businesses and their tools-A construction worker uses drills, hammers, blueprints, ec.
What economic system is the USA and why?
We are a mixed-market economy since our economy uses all three systems in one.
Why do societies use the three basic economic questions? Name all the three basic economic questions, as well.
Due to a scarcity of resources in different locations, each society has to make important economic questions and answers; What goods and services will be produced? How will they be produced? Who will consume/use them?
Imagine: You are in a certain economic system. Your parents worked for the government, and you took after them. You now decide on what to be produced in your country, how it will be produced, and to whom it will be produced for.
What economic system is this scenario and why?
Traditional and Command. You generational-ly took your parent's profession as a government official, which follows the traditional system rules, and you now decide on your country's mass production, which follows the command system rules. Because of these factors, this scenario is a traditional and command economy example.