Resources
If a country is rich in mineral resources, they should specialize in:
MINING
What do you NEED to live?
Food, water, shelter, clothes
Shipping something OUT of the country.
Is competition better for the consumer or producer?
Consumer
If a country specializes in manufacturing and shipping, they should ______ factory made products
Key word: SHIPPING
export
What are the the three economic resources?
Capital, natural, and human
Give an example of a WANT
Phone, jewelry, devices, art supplies, etc.
What is an import?
Bringing a product IN to a country for sale
Does competition cause price to go up or down?
Down
If a country has lots of shipping ports, they should specialize in:
SHIPPING
If a country has many cities and a high population they should specialize in:
MANUFACTURING
Is a video game a want or a need?
WANT
Give an example of a service.
Teaching, police, doctors, firefighters, etc.
What happens to the price of a good if the demand increases?
The price increases.
What is interdependence
When 2 countries RELY on each other
key word: RELY
What resources a construction worker?
HUMAN resource
Let's say you are at the store without your parents because they are out of town and you have $10. You see a really popular video game that is on sale for less than $10 but you really need food and water. What should you buy?
The food and water
Are goods physical or non-physical? Are services physical or non-physical?
Goods= physical
Services= NON-physical
What happens to the price of a good if the demand decreases?
The price decreases.
List the 4 factors of production.
Land, labor, capital, and entrepreneurship
Are trees natural, capital, or human resources?
If you see something you want but don't have enough money to buy it, what should you do?
Save up your money and focus on your needs before your wants
Explain scarcity AND surplus in at least 3 sentences WITH DETAIL
Scarcity= LOW supply
Surplus= MORE THAN ENOUGH or too much
What happens to the price of a good if the demand is greater that the supply?
The price increases
What is opportunity cost?
The next best given up alternative that is/was given up.