Definitions
This or That
Scenarios
Picture This
More Definitions
100
Goods and services that are necessary for survival
Need
100
Is this a want or a need?
Want
100
Mary is giving Susan a hair cut. Who is the producer and who is the consumer?
Mary is the producer.
Susan is the consumer.
100
What is being provided, a good or a service?
Service
100
People working to produce goods and services
Human Resource
200
Making a choice between alternatives or possibilities
Economic Choice
200
Trade or Barter?
Barter because there is no money involved.
200
Bob wants to buy a candy bar and some baseball cards but he only has enough money for one.
He decides to buy the baseball cards.
What is his economic choice?
Baseball cards or a candy bar
200
What type of resource is this?
Capital Resource
200
Materials that come directly from nature. Examples include water, soil, wood and coal.
Natural Resources
300
People, companies or countries focusing on providing a single good or service
Specialization
300
Producer or Consumer?
Consumer
300
Jill wants to buy a stuffed animal and a book but she only has enough money for one.
She bought the book.
What is her opportunity cost?
the stuffed animal
300
Producer or Consumer?
Producer
300
When you have a choice between two items and can have only one, what is the item you do not choose?
Opportunity Cost
400
Goods made by people and used to produce other goods and services. Examples include machines tools, and buildings.
Capital Resources
400
Wants or Needs?
Needs
400
In Virginia, we have a long coastline in the east and mountains in the west filled with coal.
What might the eastern part of Virginia specialize in?
What might the western part of Virginia specialize in?
East - building boats
West - mining coal
400
What is happening in this picture?
The boy is trading money for the artichoke.
400
The buying and selling of things to produce goods and services is called
Trade
500
Actions or activities that one person performs for another
Service
500
Is this a human, capital or natural resource?
Capital Resource
500
This factory is making shoes. This is an example of ...
Specialization
500
Name the human, natural and capital resources in this picture.
Human resource - farmer
Natural resource - soil and plants
Capital resource - tractor
500
A person who uses (or buys) goods or services
Consumer