Vocabulary
The study of the economy
What is Economics
Things that are made, manufactured, or grown like clothes, computers or fruit are known as what?
What are goods
Someone who makes or grows goods or sells services is known as what?
What is a producer
Goods that come from nature.
What are natural resources
An item that you desire but is not necessary to live.
What is a want.
An exchange or trade of goods or services that does not involve money
What is Barter
Work that someone does for someone else is known as what? (for example, dog walking or a dentist)
What is a service
Ti is one of these when he buys an ice cream on frozen Fridays.
Tools, machines, or buildings that are used to produce goods or services.
What are capital resources
Your mom bought you a new pair of shoes when you outgrew your old ones. The shoes are considered this.
What is a need.
I am the process of choosing one good over another. The product you don't choose is me.
What is Opportunity cost
Is a chef preparing food a good or a service?
What is a service
When a farmer provides fruit and vegetables to a grocery store, they are considered one of these.
What is a producer.
You walk into McDonalds and notice a cook in the back making hamburgers. What type of resource is the cook?
What is a human resource.
You have to choose between two places to visit on vacation. You choose Disney World over Six Flags. This place is the opportunity cost.
Limited time, money or resources
What is Scarcity
Ice cream, car, phone, pencil
These are examples of what?
What is a good
You are playing in a sprinkler outside with your best friends. Are you a consumer or producer?
What is a consumer
Bob gives John some money for a saw to build a birdhouse. John buys the wood, and Tim builds the house. Who supplies the human resource?
Who is Tim.
Your third grade class gets a quarter in a jar every time they behave the entire day. They are planning on spending the money once the jar is full. Are they currently spending or saving the money?
I am a term that means to work together or depend on one another.
What is Interdependence
Tom opens his own salon. People pay Tom to give them a massage or paint their nails. Tom is a...
What is a service.
A fireman comes to your school when the fire alarm goes off to make sure everyone got out of the school safely. Is the fireman a producer or consumer?
What is a producer.
Kenny has set up a lemonade stand. He uses lemons, water, and sugar to make the lemonade. He needs a spoon, pitcher, and some cups for mixing and serving it. The spoon, pitcher, and cups are this type of resource.
What is capital resources
I am what public goods and services, such as schools and firemen, are paid by?