Vocab
What are the four productive resources needed to make a good or to do a service?
Human, Natural, Entrepreneurship, 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
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.
What you give up when you make a choice?
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
The cafeteria has chicken nuggets and pizza on the menu. You choose pizza. What is your opportunity cost?
Tony saw that there was a lot of bags of candy with a lot lower prices at Kroger. What is the supply and demand of the candy?
The supply is high and the demand is low.