Needs/Wants
What is a Need?
Something that we must have to survive.
What is a Good?
A good is something that you can use or consume, like food or CDs or books or a car or clothes.
What is a Producer?
Producers are people who make or grow good to sell.
If supply is high, Demand is _________
Low
What is a Capital Resource?
Capital Resources are items that are used to create other goods or help perform a service. They help Human Resources do their jobs better.
Examples: Stove for Cook, HairDryer for Salon haircuts, White board for Teacher, Bulldozer/ Hammer for Construction worker.
What is an example of a need?
Shelter, Clothing, Food, Water, etc.
What is an example of a Service?
Flying on an airplane, A Mechanic fixing your car, A check up at the doctor, Rake your neighbors leaves
What is an example of how you could be a producer?
Lemonade stand, selling things, bake sale, etc
If Supply is Low, Demand is _________
High
What is a Human Resource?
A human resource is a person who provides a service.
Teacher, Construction Worker, Doctor, Dentist, Mechanic, Chef...etc
What is a Want?
Something that you would like to have.
What is an example of a service?
Flying on an airplane, A Mechanic fixing your car, A check up at the doctor, Rake your neighbors leaves
What is an example of a Consumer?
Buying food, buying a movie ticket, etc.
What is Property Tax?
Property tax is a tax on something that a person owns.
What is a Natural Resource?
A natural resources is a resources created in nature.
Example: Trees, Wind, Water, Food, Coal, Dirt and Soil.
What is an example of a need during a Pandemic?
Mask, Sanitizer...etc.
What is an example of goods?
A happy Meal from McDonalds, Shoes, Buying a cupcake
What is an example of a producer?
A farmer, A baker, A watch factory, An Author, etc.
What are Taxes?
Money that people pay to the government.
Name a Human Resource and a Capital Resource they might use
Chef and Stove, Builder and Hammer, Teacher and a Whiteboard, Hair stylist and a blow Dryer
What is an example of want?
McDonalds, a new iPhone, etc.
What is a Service?
A service is something that someone does for you
What is Consumer?
Consumers are people who buy or use goods made by producers.
What is Sales Tax?
A sales tax is a fee that is added to the price of an item.
What is another example of a Natural Resource?
Answers may vary....coal, trees, wind, air, soil, sunlight.