Vocab
The ______ is the way people in a place or region use resources to meet their needs
Economy
Manufacturing
List the three kinds of resources a business needs (factors of production).
Human, natural, and capital
The choice between pizza or pasta is called a _________.
The _______ is the world market in which people and business from different countries buy and sell products.
Global economy
A need or desire for a good or service by people willing to pay for it is called the _______.
Demand
The available amount of a product or service that is offered for a sale is the ______.
Supply
Give an example of a human, capital, and natural resource that a bakery would need.
Human - employees
Capital - oven, baking tools, cash register
Natural - land
If you are choosing between pizza and pasta and choose pizza, the pasta is your _______.
Opportunity cost
______ supply happens when there is not very much of the product to sell.
Weak
Businesses that do things for people rather than selling goods are in the ______ industry.
Services
In a business, the money left over after all costs have been paid is called the ______.
Profit
A tractor on a farm is an example of what type of resource?
Capital
Discuss a time when you made a trade-off.
Accept reasonable answers that demonstrate the concept.
______ demand happens when many people want a specific good or service.
Strong
What is it called to give up one thing to get something else? Hint: You can only choose one.
Trade-off
What is an economy in which people can start almost any kind of business and run it however they choose?
Free market (enterprise)
Employees at a store are an example of which type resource?
Human
Give an example of an opportunity cost.
Accept all reasonable answers that demonstrate understanding of the concept. (Opportunity cost is what you give up)
If a bakery makes $5,000 in revenue and has $2,000 in costs, what is its profit?
$3,000
What are the human, natural, and capital resources that a business needs to produce goods and services?
Factors of production
The _______ is the thing that is given up to get something else.
Opportunity cost
Give an example of a natural resource needed by a farm
Land, water, soil, etc.
Economic
The largest part of the U.S. economy is the _______ industry. ________ used to be the main economic activity in the U.S.
1. Service
2. Agriculture / farming