Wants and Needs
Are fruits and vegetables wants or needs?
Needs
Is a teacher a producer or consumer?
Producer
After Christmas, does the demand for Santa Claus decorations go up or down?
Down
Give an example of a natural resource.
Water, land, plants, coal, oil, wood, etc.
What is a building where goods are made?
Factory
Are UnderArmour clothes a want or need?
Want
When you get a haircut, are you a producer or consumer?
Consumer
What is the amount of a product that is available to be sold?
Supply
Give an example of a human resource.
Any person
What is a word that means not enough of something?
Scarcity
What word means something you have to have to live?
Need
Is Netflix a producer or consumer?
Producer
When supply of a product is high, but demand is low, does the price go up or down? (Think of heavy winter coats in May in Texas.)
Down
Give an example of a capital resource.
Building, tool, equipment, technology, etc.
When you decide how to spend your money, you are making what kind of choice? (_____________ choice)
Economic choice
What word means something you would like to have?
Want
True or false, producers only make goods, they do NOT provide services.
False
What is the word for how much people want a product?
Demand
What kind of resource is a phone: natural, human, or capital?
Capital
What do you have to give up in order to have something else that you have chosen? (____________ cost)
Opportunity cost
When you get money, what should you buy FIRST, wants or needs?
Needs
If you buy supplies online to make crafts for Eagle Creations, are you a producer or a consumer?
Both
When demand for a product is high, but supply is low, will the price be high or low? (Think of the newest, greatest iPhone.)
High
Can something be a resource if it's not useful at all?
No
What is a group of companies that makes similar products or provides similar services? Some examples are transportation, tourism, and restaurants.
Industry