Resources
What are the three types of resources?
Capital, Human, and Natural
Who is a buyer?
The person that buys goods and services.
Bonus: Are supply and demand attached to each other?
Yes
Bonus: Give me one example of a good?
Answers will vary as longs as it's a good it's correct.
Air is what type of Resource?
Natural
Who is a seller?
The person that sells goods to buyers.
If the price of something is too high what will happen to Supply?
Will go up because people are not buying the product.
Give me one example of a service
Answers will vary as long as it's a service it's correct.
A tractor is what type of resource?
Capital
Give me one justification why I would want to buy my ingredients and Wal-Mart and not Target?
It will be cheaper to buy ingredients at Wal-Mart.
When a person walks into a store and buys something they are what?
A buyer (consumer)
If something is really popular what will happen to the demand?
Will go up because everybody will want the product.
Does economics involve money all the time?
No.
A cook in a restaurant is what type of resource?
Human
Bonus: Give me one reason to sell my goods at the farmers market?
You won't have to pay a store to hold your goods your in control of everything.
A person that makes and sells cookies is a what?
Seller
What happens to supply and demand if there is a really good sale?
The supply will go down and the Demand will go up.
Give me one example of economics in actions that you have seen today?
Answers will vary.
Bonus: Give me an example of a human, natural, and capital resource
Answers will vary as long as they are correctly identified it's correct.
To make cookies to sale in my bakery? Production or Distribution?
Production
Bonus: Give me one example of a buyer and seller in the same store.
Answers will vary as long as the buyer buys something and the seller sells it it's correct.
What will happen to supply and demand if they raise the price of a product to make it really expensive?
The supply will go up and the demand will go down.
Bonus: Give me an example of a want and a need?
Answers will vary