Goods and Services
Who or what makes goods or services?
Producer
What is the amount of a product or service that is available?
Supply
Who combines all factors of production (resources) to make a profit?
Entrepreneur
What is it called when you give up one thing for another?
Trade Off
Resources from nature, such as land, water, animals, and minerals are called what?
Natural Resources
What is the making of products called?
Manufacturing
Things you must have in order to live are called what?
Needs
It cost Mr. Smith $80 to make a bicycle. He sold the bicycle for $150. Did he make a profit or a loss?
Profit
When you do not buy are get when you do a trade off is called what?
Opportunity Cost
The tools, machines, and money used to make or grow a product or service are what?
Capital Resources
Ariel teaches dance for a living. Is she selling a good or a service?
service
At the store, Jesse bought some water and Melody bought some candy. Which person bought a need?
Jesse
Mrs. Jones purchased a computer for $400, but sold it for $300. What was her loss?
$100
Greg has decided he wants tobuy a new bike that costs $125, but he only has $75. Does he need to save or spend his money?
Save
Mr. Smith hires three employees to help run his business. What kind of resource is this?
Human
Service Industry
Things you don't really need but are nice to have are called what?
Wants
Mrs. Jones earns $30 for each purse she sells. It costs her $40 in expenses to make a purse. Is this a profit or a loss?
Loss
Mark buys a savings bond. At the end of 10 years, the savings bond will be worth more money than he paid for it originally. Is this saving or investing?
Investing
The people needed to make or grow a product or service are called what?
Human Resources
Who or what buys goods or services?
Consumer
What is the amount of a product or service that people want and are willing to pay for called?
Demand
Capital, human, and natural resources, and entrepreneurship together are called what?
Factors of Production
What is the amount of money you make from saving your money?
Mrs. Jones gets a loan at the local bank to start up her restaurant. What type of resource is this?
Capital