🧰 The Workshop
You want a new book and a toy, but you can only buy one. What’s the word for what you give up?
Opportunity cost
A person who makes or sells things other people use.
Producer
Something that motivates people to act or make a decision.
Incentive
When everyone helps by doing one specific job to get more done, that’s called ____.
Specialization
What’s one example of a good and one example of a service?
Ex: pencil (good), haircut (service)
There are only 10 slices of pizza, but 15 students want some. What problem do you have?
Scarcity
A person who buys goods or uses services.
Consumer
A store offers “Buy One, Get One Free.” What kind of incentive is that?
Price incentive
Doing a task over and over makes you faster at it. This is called improving your ____.
Productivity
Why can’t we always have everything we want?
Because of scarcity
When there aren’t enough resources to meet everyone’s wants, you must make…
Choices or trade-offs
You sell homemade bracelets to classmates. What role are you playing?
Producer
Your teacher hands out homework passes for turning in work early. What kind of incentive is that?
Positive (reward) incentive
What happens to production time when jobs are evenly divided among a group?
It decreases or becomes faster
You spend your allowance on video games instead of saving for a bike. What’s your opportunity cost?
The bike
What are the three main resources people must manage carefully because they’re limited?
Time, money, and materials/resources
When you get a haircut, what type of work are you paying for?
Service
A restaurant charges extra for late delivery. What incentive is this?
Negative incentive
If workers switch jobs often, what might happen to their efficiency?
It may go down because they lose focus or rhythm
What’s one way people earn money to buy goods and services?
By working/jobs/labor
How does scarcity affect the price of something that’s hard to find?
Prices tend to rise
At your school, list one example of a producer, one example of a consumer, one good, and one service.
Producer (cafeteria worker, teacher, custodian, etc.); Consumer (students, teachers); Good (lunch, books, pencils); Service (teaching, cleaning, serving lunch).
Why do businesses use incentives?
To encourage customers to buy or do something
Who is known for creating the modern assembly line for cars?
Henry Ford
Why do people and countries trade with each other?
Because no one can make everything they need themselves