Vocabulary #1
Things that are nice to have but is not needed to survive.
Wants
Things that are required for people to survive.
Needs
Human Resource
You have two options buy an apple or buy an orange. You chose the apple. What is the apple?
Economic Choice
What is the specialization of a teacher?
To educate
Things that people make or use to satisfy needs and wants
Goods
Activities that satisfy people's needs and wants.
Services
What type of resource is wood?
Natural Resource
You have three options buy a pokemon card, buy a video game or buy a stuffie. You chose the pokemon card. What is the stuffie?
Opportunity Cost
What might be the specialization of a town that lives on the coast?
Resources/services found in the ocean (ex: seafood, shipbuilding, etc.)
People who use resources to make or provide services.
Producers
When people use or buy goods and services.
Consumption
What type of resource is coal?
Natural Resource
You have four options buy a jolly rancher, buy a bag of popcorn, buy a kitkat, or buy a bag of chips. You chose the bag of popcorn. What is the bag of popcorn?
Economic Choice
What might be the specialization of a country that is abundant in forests.
Resources/services from the forest (ex: wood)
How goods and services are made.
Production
How goods get from where they are made to people who buy them.
Distribution
What type of resource is a pencil?
Capital Resource
You have five options buy a red pen, buy a yellow pen, buy a green pen, buy a blue pen, or buy a pink pen. You chose the red and pink pens. What is the green pen?
Opportunity Cost
Why might a baker barter bread with a farmer for eggs?
Because they both have a different specialization that provides goods and services that each other need.
A short supply of a good or service.
Scarcity.
Being an expert in one job, good, or service.
Specialization
What type of resource is a bus?
Capital Resource
You have $5. Your options are
$2 game
$3 stuffie
$4 snack
What could your economic choice be if you spent the whole $5? What would your opportunity cost be?
Your economic choice could be the $2 game and the $3 stuffie. Your opportunity cost would be the $4 snack.
Why might a country abundant with mountains trade goods/services with a country with many water sources?
Because both countries have specializations and are in need of resources that the other country has. Example: the country with mountains may have a lot of coal, while the country with many sources of water may have a lot of fresh water or fish to eat.