Something you wish you had but don't need (ex: a video game)
What is a WANT?
100
Things found in nature that are needed to produce a product or run a business.
What are NATURAL RESOURCES?
100
The word that shows how many people want to buy a good or service
What is demand?
100
If the demand for a product goes up, the price may go _________________.
What is UP?
100
Two examples of goods
Mrs. Hoover decides.
200
Something you must have to survive (ex: food, shelter, clothing)
What is a NEED?
200
The people (and their skills) needed to produce a product or run a business
What are HUMAN RESOURCES?
200
A person who starts his or her own business (and has the idea for it)
What is entrepreneur?
200
Changes to the supply, demand, and price of an older video game model when a new one comes out.
What is demand goes down, supply goes up, price goes down?
200
A computer is a _________________ resource.
What is CAPITAL?
300
Things people buy that can be touched or held
What are goods?
300
The tools and equipment needed to produce a product or run a business (and give two examples)
What are capital resources?
tables, chairs, computers, ovens, etc.
300
The word that shows how much a company has of a product.
What is supply?
300
The way a hot day changes the supply, demand, and price of lemonade at a lemonade stand.
What is supply goes down, demand goes up, price can increase?
300
An example of an entrepreneur.
Who is BILL GATES? (or any other correct answer)
400
The thing you lose or give up in order to get something you want more.
What is opportunity cost?
400
Two kinds of work that human resources provide (and an example for each)
What is PHYSICAL WORK (forklift driver) and MENTAL WORK (computer programmer)?
400
The amount of money a business makes after it subtracts all of its costs (bills)
What is PROFIT?
400
The way a huge, new neighborhood ice cream store can affect the supply, demand, and price of an ice cream truck's ice cream
What is demand (at ice cream truck) goes down, supply goes up, price has to go down?
400
The difference between goods and services
What is you can touch or hold goods and not services?
500
The difference between producers and consumers and an example of each
What is: Producers make or provide goods and services. Consumers purchase and use goods and services.
Mrs. Hoover decides on the examples :)
500
Examples of natural, capital, and human resources used at High Point (2 each).
Mrs. Hoover decides.
500
Opportunity cost, want, and need used correctly in a sentence.
Mrs. Hoover decides
500
Is it always bad for a company's supply to go up and their price to go down? Explain.
What is: No, because if a company can make more of a product (like the Write-On pencil company), they can still make a profit by selling more goods at a cheaper price.
500
A reason why it's important to be a smart consumer and a reason why it's important to be a smart business owner