Resources
What are capital resources?
What is distribution?
The process of moving goods and services from producers to consumers. The process of moving goods and services from producers to consumers.
What is an economic choice?
A decision about how to use limited resources
What are human resources?
People and their skills, knowledge, and abilities used to produce goods and services.
What is Production?
The process of making or creating goods and services
What is opportunity Cost?
What you give up when you make a choice (the next best)
What are natural Resources?
materials that come from nature
What is specialization?
When people, businesses, or regions focus on producing what they do best
In a classroom project, students are given the option to either research animals or plants.Those who choose to research animals give up the chance to learn about plants. What is this an example of?
Opportunity cost
What is scarcity?
When there are not enough resources to satisfy all wants and needs.
Why is distribution an important step between production and consumption?
It allows goods to go to markets where consumers can get them.
A child faces a choice between spending their afternoon playing soccer or painting.They decide to play soccer. What is the opportunity cost of this choice?
The opportunity cost is the money spent on painting supplies.
Why do people and regions trade with each other instead of making everything they need by themselves?
They can specialize in what they do best.
They can get items they cannot produce on their own.
What happens when a region specializes in what it does best and trades for the rest?
The region focuses on producing efficiently and gaining more from trade.
Which action is an example of distribution in the economic cycle of goods and services?
Delivering books from a warehouse to a bookstore