Vocabulary
What are goods?
Things that are made or grown.
Example: Girl Scout cookies are goods
What is consumption
using a product or resource
Name 3 natural Resources
wood, iron, oil, wheat, oranges, apples, fruit, vegetables etc.
Is a farmer a producer or consumer?
A farmer is a producer!
It is the day before the 4th of July holiday and the fireworks stand is almost out of fireworks. What will happen to the price of fireworks?
The price will go up.
What is a service? Provide example.
Work that someone does for someone else
Example: a barber supplies a service when they cut your hair.
Giving up what you want for what you need is called
Opportunity cost
What happens if you had your own lemonade stand and all of a sudden 2 more lemonade stands open up on your street? What would happen to your business? How could you compete with the other businesses?
The business would slow down as it dispersed. To compete you would have to either lower your prices or come up with something competitive.
What is a natural resource? Give an example!
Something that comes from the earth such as oil, oranges, wood!
If you are buying dog food for your dog are you a consumer or a producer?
You are a consumer! Even though you are not eating the dog food yourself, buying it from the store makes you a consumer!
What is a Producer?
A person or company who makes or supplies goods or services.
A farmer is a producer because they grow goods for people to purchase.
What does barter mean?
Trading goods without using money
Name 3 ways you could make money as a kid
chores, making something to sell, selling old toys or clothes,
Can you remember any businesses that started locally in North Carolina?
Krispy Kreme, Pepsi, Cheerwine,
There are lots of holiday ornaments still on store shelves the day after Christmas. What will happen to the price of the ornaments?
The price will go down.
What is a consumer?
A person who buys goods or services.
You are a consumer every time you buy something from the store.
What might happen if there is a scarcity of something?
There is a shortage. There is not many.
What does local economy mean
It's the way people spend money and the way people make money in your community. For example a local coffee shop down the road is unique to our town.
How does location impact needs? Give examples
Location impacts what people need based on what the weather is like, what the landscape is like, what kind of recreation happens in a place etc. For example if you live by the beach you will need sunscreen and a bathing suit.
An oil well explosion reduces the amount of oil available to make gasoline for cars and trucks. What will happen to the price of gas?
The price will go up.
what is a Entrepreneur?
An entrepreneur is someone who starts their own business.
What is supply and demand?
Supply and demand means how much of something there is and how often it is bought. For example if there is a big demand for pokemon cards the supply will go up to meet the demand.
What does economics mean
It's the way people spend money and the way people make money.
What would an example of a want be if you lived in the mountains?
A kayak, a snowboard, skis, a snow mobil, a 4 wheeler, an Xbox, an I pad
A car dealer has too many cars of last year’s model still on his lot left to sell. The new models will be delivered next week. What will happen to the price of last year’s model cars?
The price will go down.