Vocab
What are the three productive resources needed to make a good or to do a service?
Human, Natural, and Capital Resources
Does Chick-fil-A provide goods or services?
Services
What type of resource is water?
Natural
Mrs. Perry chose to buy a piece of cake rather than a fruit cup. What is the opportunity cost?
Fruit Cup
How much that is available to sell.
Supply
Tangible items that are able to be bought and sold.
Goods
Is mowing the lawn a good or service?
A person that makes a good or does a service.
Human Resource
Sierra decided to go to the movies instead of studying for her test. She could've also went on a run. What is the opportunity cost?
Studying for the test
How much people want something
Demand
There are limited resources that cannot meet people's unlimited wants.
Scarcity
Is a TV a good or a service?
Good
What type of resource is a hammer?
Capital
Oliver wanted to sell peaches, blueberries, and apples. He chose to sell apples, but he would've sold blueberries next. What is the opportunity cost?
Blueberries
When there is a low supply and high demand, what happens to the price?
The price goes up.
The value of the next best thing when you are making a decision.
Opportunity Cost
Is fixing a car a good or service?
Service
A resource that comes directly from the Earth and is not man-made.
Natural
Isabella wants to eat some ice cream, a candy bar, a popsicle, and a piece of pie. She chooses to eat the pie but she would've liked to eat the ice cream next. What is the opportunity cost?
Ice Cream
When the supply is high and the demand is low, what happens to the price?
The price goes down.
The study of how people use their resources which includes money
Economics
Does Walmart provide goods or services?
Goods AND Services
The tools, technology, transportation, and buildings needed to make a good or do a service.
Capital Resources
Why can't we have everything that we want, which causes us to have to make decisions?
Scarcity and/or Limited Resources
After Halloween, Tony saw that there was a lot of bags of candy with a lot lower prices. What is the supply and demand of the candy?
The supply is high and the demand is low.