Productive Resources
Machines, tools, and equipment used to make other products or services.
What are capital resources?
Goods from other countries brought to the USA to be sold or consumed.
What are imports?
The amount of goods and services that consumers are willing to buy.
What is demand?
Emma and Lydia want to add a food item to their lemonade stand at the baseball park this weekend. They know their target audience but aren’t sure what would be the best selling item.
What economic question is being considered?
What to produce?
Unlimited wants of people with only limited resources to fulfill those wants and desires.
What is scarcity?
Qater, plants, soil, or minerals used in the production of goods and services
What are natural resources?
When nations depend on trade with one another for goods and services.
What is interdependence?
The amount of goods and services that producers make.
What is supply?
The United States considers various trade deals to decide which one is the most economically profitable.
Which economic question is being considered?
For whom to produce?
To trade items with someone
What is barter?
A person who organizes or runs a business that supplies goods and services to make a product.
What is an entrepreneur?
Goods sold from the USA to other countries.
What are exports?
The difference between the producers cost of making that item and the selling price of the item.
What is profit?
A country’s main lumber source was just burned by a wild forest fire. The wooden toy and puzzle company projects a real scarcity of natural resources for the following production year.
Which economic question will be mostly affected?
What to produce?
An item which is produced, bought, or sold.
What is a product?
1. To use up something.
2. What we call a person who uses something.
What is consumption?
What is a consumer?
A person or business that uses goods or services.
What is a consumer?
A task or job that a person or business performs for other people.
What is a service?
Mark Zuckerberg, founder and CEO of Facebook, allows marketing companies to post ads on his website. He chooses ads that will most likely appeal to his general audience.
Which economic question is being considered?
For whom to produce?
A tax on imported goods.
What is a tariff?
People who provide labor, knowledge, and skills.
What are human resources (labor)?
When a country uses its resources to create one product.
What is specialization?
When companies sell the same thing to get your business.
What is competition?
An experienced COTTON t-shirt company strikes a great trade deal on 4,000 units of silk. Instead of selling the items for profit, an entrepreneur decides to attempt a new sports t-shirt made of silk.
Which economic question will be asked for this new project?
How to produce?
The study of understaning the production, consumption, and transfer of wealth.
What is economics?