Vocabulary
1) State the vocabulary term: The value of the thing you give up when you choose one thing over another.
Opportunity cost
6) Why is money so useful?
-It can be saved and used later
-There is a set value
-It is portable
11) Good or service?
A teenager walks your dog
Service
16) The person who rings you up at Aldi is an example of a __________ resource
Human
21) In a restaurant, what is a specialty that a worker might have?
-Cook
-Server (waiter)
2) State the vocabulary term: Allows people to choose what to make and what to buy
free market
7) What currency does Puerto Rico use? (what kind of money?).
*Hint: Puerto Rico is a common wealth of the United States
The US dollar
12) Good or service?
Milk from the grocery store
Good
17) The building and equipment necessary to make shoes are called ______________ resources
Capital
22) What would it be important to do before building a house?
-Make a plan (blue prints)
-Calculate costs
-Find workers
3) State the vocabulary term: money a person earns but does not spend
savings
8) Why would a person deposit money in a bank?
-To keep it safe
-To save it for later
-To gain interest*
13) When you exchange a good or service for another with another person or business, what is that called?
(hint: I'll give you my best Pokemon card for your cookie)
Bartering
18) Farmers of the past and present have what in common
They both grow as much food as they can
23) Give an example of a specialized job someone might have on a farm?
animal care
veteranarian
tractor driver
etc.
4) State the vocabulary term: When there is not enough of something to meet people's needs and wants
scarcity
9) When you pay money to buy a candy bar, is this saving, spending or bartering?
Spending
14) A woman buys a book from Scholastic. Who is the producer and who is the consumer?
Producer- Scholastic
Consumer- Woman
19) What are two ways that people pay for things that they need?
- Cash
- Credit card (or debit card)
- Loan
- Barter
24) One person might be willing to pay $100 for a Pokemon card but I would not. The Pokemon card has more _______ to the other person.
Value
5) The money that buisinesses have left after their costs are paid
profit
10) What might cause the price of something to go up?
scarcity
15) If one country has a scarcity of a resource and another has an abundance, what could the two countries do to get what they all need?
trade
20) If a person is going to buy a house or a car, usually they will have to take out a _____________.
loan
25) When supply goes down, ___________ goes up.
Example, what happens when Strawberries are out of season (meaning there are not many of them to buy)...
Price