Natural, human, or capital resource? The President of the United States of America
Human resource
200
Natural, human, or capital resource? Lumber
Natural resource
200
What is Sr. Krista's favorite sweet?
Chocolate!
300
What is the vocabulary word?: People working to produce goods and services
human resources
300
What is the vocabulary word?: Goods made by people that are used to make others goods and services
capital resources
300
What is the vocabulary word?: materials that come from nature
natural resources
300
What is the vocabulary word?: a job a person does and is paid for
service
300
What is Sr. Krista's favorite STEM process?
Drawing models!!
400
Define "needs" and name the three basic ones.
Things people need to survive. The three basic needs are food, clothing, and shelter.
400
Define "wants" and give three examples.
A want is something you would like to have but do not need to survive. Ex. toys, fancy clothes, cars, candy
400
Define "producer" and give three examples.
A producer is a person who makes goods or provides a service. Ex. teacher, firefighter, polics, cashier, hair stylist, doctor
400
Define "consumer" and give three examples.
A consumer is a person who uses and buys goods and services. Ex. People eating, shopping, watching movies
400
What is Sr. Krista's favorite Winter activity?
Indoor swimming!
500
Explain "Opportunity Cost."
Opportunity cost is the option you give up when making an economic choice. Ex. If you have to choose between cake or cookies and you pick cake, the cookies are your opportunity cost.
500
Explain what "supply" and "demand" mean.
Supply is home much there is of the goods and services and demand is how much they are needed or wanted.
500
What is specialization?
Specialization is when a producer focuses on a single product or service.
500
Explain the relationship between "human resources" and "capital resources."
Human resources MAKE capital resources!
500
What are Sr. Krista's two favorite school supplies?