Types of Resources
Water, coal, and soil are all examples of ___________.
(Natural, human, or capital resources?)
Natural resources!
When someone is really good at something, they _______ in it.
Specialize!
When you want a video game and a book, but you can only afford one, you have to make an _______________.
Economic choice!
People working to produce goods and services are __________.
(Natural, human, or capital resources?)
Human resources!
When someone has something that you don't have and they want something of yours, you can _________ with them.
When you can only afford one of two things, what you don't choose is the ___________.
Opportunity cost!
Goods, like machines and tools, are made by people and used to provide other goods and services. There goods are known as ___________.
(Natural, human, or capital resources?)
Capital resources!
Ms. Wood made a pitcher of lemonade, and wanted some goldfish to go with it. Ms. Vieira had a bunch of goldfish and wanted some of Ms. Wood's lemonade. So, Ms. Wood gave Ms. Vieira a glass of lemonade and Ms. Vieira gave Ms. Wood some of her goldfish! This is an example of _____________.
Ms. Pyle goes to the store and she wants a cookie and a donut. She only has enough money for one, so she picks the cookie.
What is her economic choice?
What is her opportunity cost?
Economic choice? Cookie
Opportunity cost? Donut
Teachers, doctors, and lawyers are all examples of human resources that __________.
(make goods OR perform services?)
Perform services!
Ms. M is a dog trainer. She specializes in _____________.
Training dogs!
Ms. Vieira wants a new notebook for writing and a new book to read. She decides that she has enough notebooks and she wants to spend her money on a new book to read.
What is her economic choice?
What is her opportunity cost?
Economic choice? book
Opportunity cost? notebook
Give an example of each:
- Natural Resource
- Human Resource
- Capital Resource
Answers may vary.
- Natural Resource: Water
- Human Resource: Teacher
- Capital Resource: Stove
When I am sick, I go to my doctor. A doctor specializes in ___________.
Taking care of people!
Ms. Jessup has $10. She goes to the store and wants to buy orange juice, pretzels, and ice cream. When she gets to the store, she notices that she only has enough money to buy two of those things. She decides to get the orange juice and the pretzels.
What is her economic choice?
What is her opportunity cost?
Economic choice? orange juice and pretzels
Opportunity cost? ice cream