Vocab
Definition of goods & give an example
goods- items you see. ex: desk
Definition of natural resource.
Give an example.
Natural resource-items found in nature that people use.
Definition of export
export-sending out goods to other countries
Volunteer.
How can hard work be rewarding?
By helping us meet our wants/needs. By letting us help others, by making us feel good.
Definition of import
import- bring in goods from another country
Definition of occupation.
Give an example.
Occupation- job
Definition of services.
Give an example
services- work that people do. ex:mechanic
Henry has a video game store. He has decided to start exporting his products. What conclusion can you draw about Henry’s business?
He will gain more customers.
How is our education an investment in your future?
My education will pay off in the future because I will have the skills I need to be successful.
consumer- a user of goods and services
Definition of trade-off.
Give an example.
Trade-off -what you have to give up to get something.
Definition of human resource.
Human resource- A person’s talents and skills
What capital resources (buildings, machinery, tools and equipment) are needed to produce vegetables and fruit?
tractors, plows, factories
What are some examples of things taxpayers pay for?
Definition of producer
Producer-the maker of goods
Definition of opportunity cost.
Opportunity cost- Giving up one thing for another
Definition of human capital.
Human capital- A person’s skills, knowledge, and experience
What does shopping local do?
Supports the community.
What benefits do you get from going to school and studying?
Learn new things. Spending time with friends. Learn/practice new skills. Increase human capital.
Definition of invest
Give me an example of something you could invest in related to our chapter.
invest-to spend now in the hope of future reward
Definition of capital resource.
Give an example.
Capital resource- Human-made item used to make other goods.
Definition of wants and needs.
Give examples of both.
want- something you would like to have but do not need to live. ex: tv
need- something you must have to live. ex:water
Mary studied hard when she was in school. What is another way of describing what Mary did in school?
investing in her human capital
Why do producers build their businesses near the resources they need?
They don't have to important products from other countries. This can also save them money if they are located close to the resources they need.