resources that are found in nature.
possible examples: sun, land, water, soil
100
What is a producer?
someone who makes and sells goods
100
What is supply?
The amount producers will make for a certain price.
100
Is a tennis racket a good or service?
good
200
Define capital resource and give two examples.
things that are made by people that help workers make goods or provide services
possible example: tractor, road, tools, buildings
200
What is a consumer?
someone who buys the goods or services sold by a producer
200
What is demand?
The amount consumers are willing to buy for a certain price.
200
Is a dog walker a good or service?
service
300
Define human resource and give two examples.
the skills, knowledge, and labor that people bring into their jobs
possible examples: firefighter, teacher, nurse, chef
300
What does interdependent mean?
dependent on each other
other possible answer: to rely on each other
300
Use one for each blank: supply, demand
Pikachus are hard to find in Georgia. Everyone wants one.
The _______ is high because the ______ is low.
demand, supply
300
Define goods and give 3 examples.
Something you buy. Things that are made or grown.
400
What is an entrepreneur and what relationship do they have with the three types of resources?
An entrepreneur is a person who takes risks, or a chance, to start a business. Entrepreneurs use natural, human, and capital resource to run their business.
400
Describe the interdependence of consumers and producers.
Producers depend on the consumers. Consumers depend on producers.
An example is an acceptable answer: Farmer depend on consumers to buy their crops to make a living. Consumers depend on farmers for food.
400
The Atlanta Braves just won the World Series. There are only 10 baseball jerseys left in the entire city. Tell me about the supply (high or low), demand (high or low), and price (high or low).
The supply is low and demand is high so the price will be high.
400
Define service and give 3 examples.
A service is work someone does for someone else.
example: haircut, dance coach, yoga instructor