Costs and Benefits
What is a benefit?
Something good that comes from making an economic choice
Are fruits and vegetables a need or a want?
Need
An example of a natural resource is
A. Water
B. Oil
C. Wind
D. All of the above
D. - They are all resources that come from the Earth
Someone's job
Which example shows how technology changed?
A. Using a book to do research
B. Ordering on Amazon and it ships in 3 days
C. Planting a garden
B- Amazon is an online shopping place where you can get products almost instantly from your phone
What is a cost?
Something you sacrifice when you are making an economic choice
What is an example of a want?
*answers may vary*
What is the natural resource that produces heat in homes?
A. Wood
B. Oil
C. Fire
D. A and B
E. None
D. Wood and oil are natural- they come from the Earth to produce heat
True or False: Human capital is the act of a farmer going out and planting seeds
True- The farmer is the one planting the seeds (He is a human)
Jasmine has a clothing store. She decided to start exporting her goods. What will happen?
A. She saves money on shipping
B. She will get more customers
C. She can make more products
C- She will get more customers if she starts exporting to other countries
What is the relationship between goods and services?
Goods are things you can buy and use. Services are things that people do, like teaching or performing.
What is an opportunity cost?
Something you have the chance to buy but you should choose the one you need
What kinds of Capital resources are needed to produce eggs, vegetables, and milk?
A. Farming and animals
B. Tractors and factories
C. Cows and seeds
D. Vegetables and animals
B. These are all things built by man that helps make these goods
What is a consumer of goods?
Someone who buys products
When someone is at a store near their house, are they
A. Carrying out a job responsibility
B. Shopping locally
C. Saving on shipping costs
B- Shopping locally helps support their community
When money is saved on exporting goods, what could be the cause of this?
A. People enjoy buying things from other places
B. Producers use resources nearby
B - Using resources nearby saves money
When you are deciding what you need or what you want, you are weighing the ___________.
A. Trade-offs
B. Benefits
C. Economic choices
A. Tradeoffs- these are the things you have to decide between (Example: A new toy or lunch)
A woman is using a machine to make a scarf. These are
A. Natural and human resources
B. Human and capital resources
C. Natural and capital resources
B. Human is the woman; Capital is the machine
What is a producer of goods?
Someone who makes products
If someone shops locally, are they...
A. Supporting their community
B. Trading for what they need
C. Getting customers
A- Shopping locally supports small businesses in their community
Draw a cost-benefit chart for buying a new Lego set and buying groceries
*teacher checks charts*
Cost- Your parents are spending money on something that you want, not need
Benefit- You have something to play with
A capital resource is either
A. tractor
B. cashier
C. a tomato
A- Tractor
It was made to help a business grow.
If you are working at a soup kitchen on weekends, you are a _______________.
A. Employee
B. Volunteer
B. Volunteer
Jerry studied very hard in college. Did he...
A. Invest in his human capital
B. Pay for his schooling
C. Volunteer
A. He invested in his human capital by working hard and getting smarter for his dream job