Resources
Name the 3 resources
Capital
Natural
Human
Items that are purchased and used by a consumer.
Goods
A person who buys goods and services.
Consumer
You trade a baseball card for a Pokemon card.
Barter
Items people need to survive.
Needs
What is a resource?
Something that can be used.
An activity to fills a public need, like hairdresser.
Service
A person who makes, grows, or supplies goods for sale.
Producer
You pay $3 for an ice cream cone.
Money
Items a person would like to have.
Wants
The people that make up a workforce are these kinds of resources.
Human
Is an American flag a good or service?
good
While someone is cooking dinner, are they a consumer or producer?
Producer
You give 3 silver coins for a skateboard.
Money
When there is a short supply of a resource.
Scarcity
This resource is found in the environment.
Natural
Is a doctor a good or a service?
While someone is eating dinner, are they a producer or consumer?
Consumer
One farmer trades eggs to another farmer for milk.
Barter
Making a choice between goods and services.
Economic Choice
This resource is produced and used to make other resources.
Capital
Does a vegetable farmer produce goods or services?
Goods
True or False
A person can be both a Producer and a Consumer.
True
This theatre in Abingdon got its name by trading plays for food.
The Barter Theatre
What you give up in the choice.
Opportunity Cost