Economics
What is a person called who makes goods or provides a service?
Producer
What happens to prices when supply is low, but demand is high?
The price goes up.
What is one benefit or putting money in a bank?
Your money is kept safe
What percent of Nebraska land is used for Agriculture?
92%
What is specialization?
Focusing on doing one thing really well
What is a person called who buys goods and services?
Consumer
What is supply?
How much of a good is available for people to buy
What is a savings account for?
Saving money for future use
What are Nebraska's three major crops? Hint: They grow best in Eastern NE.
Corn, Soybeans, Wheat
What is trade?
Exchanging goods or services with others
What is the difference between a need and a want?
A need is something you must have to live; a want is something nice to have but not necessary.
What is demand?
How many people want or need the good
What can people do with money from a loan?
Buy a car, house, or pay for college
Why are Eastern Nebraska's crops so successful?
More rain, snow, and fertile soil near the Missouri River
What is bartering?
Trading goods without using money
What is scarcity?
Not having enough of something
If the price of gas increases, what might people do?
Carpool or drive less
What must you do when you borrow money from a bank?
Pay it back with interest
Name one way technology has helped Nebraska farmers.
Tractors, GPS, or center-pivot irrigation
What are imports? Give one example of an import to Nebraska.
Goods brought in from other countries. Examples: bananas, rice, oranges, lumber, etc.
What is interdependence?
Relying on each other to get things done
If a video game becomes very popular, what might the producer do?
Raise the price and make more to increase profit
How do banks help businesses grow?
By loaning them money
What does Nebraska specialize in?
Agriculture
What are exports? Give one example of a Nebraskan export.
Goods sent out to be sold in other countries. Examples: soybeans, corn, farm equipment, wheat, beef