The skills, knowledge and hard work that people bring to their jobs.
Human Resources
100
The right people have to make choices to make, sell, or buy whatever they want and can afford.
Free Enterprise
100
Name the 4 productive resources.
Natural, Human, Capital, and Entrepreneur.
100
This is a plan you can make to manage your money.
A budget.
100
Goods that are shipped to our country from other sellers are called....
Imports
200
Work that one person does for another.
Services
200
The amount of something consumers are willing to buy for a certain price.
Demand
200
Trees would be considered what type of resource?
Natural
200
This is the money you earn by performing a job.
Income
200
Goods that we ship to other countries to sell are called....
Exports
300
Things people buy or sell.
Goods
300
The amount producers will make for a certain price.
Supply
300
Tractors would be considered what type of resource?
Capital
300
Where do people buy and sell their goods?
The Marketplace (this can be a grocery store, shop, or even online).
300
This is a lack of goods or services.
Scarcity
400
Any kind of money that people in a country use for trade.
Currency
400
A team of specialized workers.
Assembly Line
400
Farmers would be considered what type of resource?
Human
400
Would food be considered a want or a need?
Food is a need. The type of food you might prefer would be considered a want.
400
This is a word that describes how consumers and producers depend on each other in an economy.
Interdependence.
500
A loss, sacrifice, or negative result.
Cost
500
A gain, advantage, or positive result.
Benefit
500
Someone decides to take a risk and start a business using capital, natural and human resources to create a good or service that they feel passionate about.
What do we call this person?
An entrepreneur.
500
Describe flexible and fixed expenses.
Fixed expenses do not change month to month. Flexible expenses may vary. For example, a home mortgage is a fixed expense,while groceries would be flexible.
500
Where would a team of specialized assembly workers do their work?