Lesson 1
What are items you can see called? Give me 3 examples
Goods
What are the three different types of resources we talk about in this unit?
natural capital and human
What is a trade off?
A trade-off is whatever you end up choosing! In a trade-off you give up one thing for another.
What are 2 ways people can become more valuable human resources?
What is the term to describe work that people do? Give me 3 examples
services
Which resource is given to us for free from Earth? Give 3 examples
natural resources
Give me a synonym for "price"
What is the vocabulary term to describe what you have to give up to choose something else? (The choice you cannot do)
cost
opportunity cost
Why do people have to make economic choices?
Because there is not enough resources to do everything.
What are local goods?
What is a consumer?
What is a producer?
things made near where they are sold
user of goods and services
the maker of goods
Which resource describes people's talents and skills?
Give 3 examples
human resources
A _______ is a useful result.
benefit
How is shopping different now in comparison to how early American settlers shopped? What changed the way we do things today?
They would either produce their own products, traded, or shopped local. Only by wagon, horseback or foot.
technology
What are 3 main reasons why people decide to buy local goods?
-fresher
- support small businesses
- save the cost of shipping goods from far away
What is one similarity between capital and human resources?
used to make goods and provide services
Being able to catch fish, cutting someone's hair, carving a stool out of wood. These are all ______________________.
What does import mean?
What does export mean?
Which one is the best way to secure more new customers for your business? Explain: importing or exporting?
bring in goods
send out goods
exporting because it exposes your products to people in faraway places
What is the difference between capital resources and human resources?
Capital resources are human made tools and human resources are human talents and skills
The cost of a pet is MORE THAN just the price to buy it. What are some additional costs that come with having a pet?
costs in time
vet/ health insurance
food
clothes