Goods or Services?
How do you know something is a good?
It is NOT a person. It is a physical object that I can touch.
What are the the three types of resources?
Natural, Human and Capital
What are your three basic needs?
Food, water, shelter
The amount of goods or service available is called...
Supply
An organization that sells goods or services is called a...
How do you know something is a service?
It is a human being doing a job.
It was made by the Earth
Complete the sentence. Producers _________, Consumers _________.
Money that is earned from working a job is called...
The act of working is called...
Labor
Good or Service: Doctor
Service
How do you know something is a human resource?
It is a human being.
Is the grocery store a producer or consumer?
Producer, we buy goods from them
Not having enough of a good is called...
scarcity
Low
Good or Service: Baseball Hat
Good
How do you know something is a capital resource? Give an example.
It is an item or object.
If I go to the mall to buy a new shirt, am I the producer or consumer?
Consumer, I am buying something.
Economy
If I make 35 cookies, and only 3 of you want one, is demand high or low?
Low
BONUS: if it is a service, what good do they provide?
Service: cookies, cake, cupcakes, etc.
Each person in your group needs to write one natural resource, one human resource and one capital resource on a sticky note. You have three minutes, GO!
What is another name for consumer?
Customer
A person who starts and runs a business
Entrepreneur
Is an import a good that is coming IN to the country or OUT?
IN!