Production, Consumption, and Distribution
Resources
Opportunity Cost/ Economic Choice
Trading and Specialization
100
What is distribution?
The moving of goods and services in the economy.
100
What is a natural resource?
Something that comes from the earth. Ex: Water, Soil, and Coal.
100
What is an opportunity cost?
Something you give up when you make a choice.
100
What is trade?
The exchange of goods and services without money.
200
What is production?
The process of making, providing, or growing goods and services.
200
What is a human resource?
A person who provides a service or helps people. Ex: Firefighter, Teacher, and Nurse
200
What is an economic choice?
A decision between different options.
200
What is specialization?
A focus on the selected production of goods and services. Or Anthony being a mathematician who will only write numbers not letters :)
300
What is consumption?
The process of buying, eating, or using goods and services.
300
What is a capital resource?
A resource you can use to make products. Ex: Hammer, Buildings, and Computers.
300
If someone has a choice between doing a research project on animals and plants. If they chose plants what is the opportunity cost?
Animals
300
Why do people trade instead of making everything by themselves?
They can focus or specialize in what they do best and they can get items they can not produce on their own.
400
Why is distribution an important step between production and consumption.
It allows goods to go to the market where consumers can get them.
400
Are coffee and soy beans a human, natural, or capital resource?
Natural Resource
400
What is your economic choice?
1. Ice Cream
2. Pop corn
3. Cotton Candy
Any one of these options
400
What happens when a region specializes in what it does best and trades for the rest?
The region focuses on producing efficiently and gaining more from trade.
500
What is an example of distribution in the economic cycle?
a.) designing a new video game
b.) growing a variety of crops on a farm
c.) delivering books from a warehouse to a bookstore
d.) consuming a meal that was cooked at a restaurant
c.) delivering books from a warehouse to a bookstore
500
Is a bus a natural, capital, or human resource?
Capital
500
If you are given three options to choose from and you chose option 1. What are your opportunity costs?
Option 2 and 3
500
Coca colas specialization is?
Soda