L1: Needs and Wants
What is a resource?
Something that we can use
What is a benefit?
A good result from a choice you make
What is income?
Money that people earn
What are three examples of service workers in the Anyang community?
(Possible answers: school nurses, police officers, librarians, taxi drivers, truck drivers, etc.)
How is trading different from bartering?
Trading is buying, selling, or exchanging goods or services with someone else. Bartering is trading goods or services WITHOUT money.
What does scarce mean?
There is not enough of something
What is opportunity cost?
The thing you give up when you make a choice
What is the difference between a producer and a consumer?
A producer is the person who makes or grows goods, a consumer is the person who buys and uses goods.
What are three different things teachers can specialize in?
(Possible answers: math, science, reading, phonics, music, gym, etc.)
How is supply different from demand?
Supply is how much of something there is, demand is how many people want something.
Which one of these is a WANT: new shoes, rice, or shampoo?
New shoes
What are two benefits of going to the science center instead of buying a family game?
1) Will learn how things work
2) Can do experiments
What is a capital resource?
A capital resource is a good made and used to produce other goods and services
What is the difference between having a skill and specializing?
A skill is knowing how to do something, but to specialize means to do one kind of thing very well
Why would orange producers in California trade with soybean producers in Iowa?
Because winters are warm in California for oranges, but Iowa has rich soil for soybeans. They can both get what they want if they trade.
Which one of these is NOT a resource: plants, money, or shelter?
Shelter
What would be the opportunity cost of choosing to buy a book instead of going to the movies?
The chance to go to the movies (you would lose this chance because you chose to buy a book instead)
What are two ways that human resources are helpful to a strawberry farmer?
1) Workers pick the strawberries when they are ripe
2) Workers put the strawberries on a truck that carries them to a market
How do we pay for community services and government workers?
Taxes -- money collected by the government to pay for services
Jessica and many other people in her city love fish. Sadly, they do not live near the water, and not many places nearby sell fish.
Will the fish producers charge a high price for the fish in Jessica's city?
Yes, because the supply is low and the demand is high.
Give one example of a way families have to make choices about what needs to buy.
(Possible answers: Families have to decide which food is best for us, which clothes will keep us warm and dry, where we will live, etc.)
What are the three steps for making choices?
1) Talk about the benefits of each choice.
2) Talk about the costs of each choice.
3) Think about the benefits and costs, and then make a choice.
What are two CAPITAL resources and two NATURAL resources that you need to grow strawberries?
CAPITAL: money, farm equipment, trucks
NATURAL: air, water, sunlight, soil
What are 4 examples of government workers that we have in Korea?
(Possible answers: police officers, firefighters, post office workers, mayors, governors, president, etc.)
Bob is a fish producer who lives by the ocean. Why can he not charge a high price for his fish? Explain using supply and demand.
If Bob sold for a high price, people would just buy from someone else. The supply is high, and the demand is low.