Productive Resources
What type of productive resource are trees, water, grass, and animals?
Natural Resources
Give an example of a public good or service.
Possible Answers: police, firefighter, public library, public park, schools, roads
Who is a consumer?
A person who buys goods and services
Why do countries create currency?
What type of resource are the people who produce goods and services?
Human Resources
Who pays for public goods and services?
The government
Who is a producer?
A person that makes goods and services.
What is voluntary exchange?
It is when people exchange goods and they both benefit.
What are the things and items used to make products?
Capital Resources
How does the government pay for public goods and services?
Through taxes
How are goods and services allocated?
They are allocated by price.
Why is trade with other countries important?
It gives consumers more choices.
What type of productive resource is a delivery truck?
Capital Resource
Why are public goods and services important?
They provide things that everyone can use.
More people are demanding hot chocolate in the winter. What will happen to the price of the hot chocolate due to the increase in demand?
The price will increase.
Jason wants to buy a soccer ball and a bicycle. He only has enough money to buy one item. Jason buys the soccer ball. What is his opportunity cost?
The bicycle
Why is being an entreprenuer risky?
They could not make a profit and lose money.
It is summer and you sell mittens. The demand for your mittens is low. What will you do to the price of the mittens?
I will decrease the price because the demand is low.
Maria wants to buy a squishy dumpling and a butter squishy. She can only buy one squishy. Maria buys the butter squishy. What is her opportunity cost?
The squishy dumpling.