Natural Resources
can be used again
renewable resources
the protection and wise use of natural resources
conservation
happens when people make the goods they are best able to produce
specialization
wind and water wearing away the land
erosion
What are the following questions called:
What goods will be produced?
How will those goods be produced?
Who will receive or buy the goods?
three basic economic questions
cannot be used again once they are gone
nonrenewable resources
not having as much of something as people would like
scarcity
the buying and selling of goods
trade
anything that makes the soil, air, or water dirty
pollution
If supply is high and demand is low, what happens to the price?
the price will... decrease
can only be used at a certain time or place
flow resource
the thing you give up when you decide to do or have something else
opportunity cost
when regions specialize, they can produce goods at what kind of cost?
lower
mining would be an example of what kind of change?
human
If the supply is low and the demand is high, what happens to the price?
the price will... decrease
iron ore, diamonds, and oil would be an example of
non renewable resources
You were invited to go to the movies or Xtreme Air. You choose to go to the movies. What is your opportunity cost?
Xtreme Air
means countries relying or depending on each other
interdependence
wind blowing away topsoil would be an example of what kind of change?
natural
occurs when businesses sell similar goods and services to try to attract the most consumers and make the most money.
competition
water, sunlight, and wind would be an example of
flow resources
fill in the blank: the problem of scarcity means that people have to make _____________ about what they want most.
decisions
True or False: the natural resources in an area help people decide what goods or services they should specialize in.
true
Building highways would be an example of what change?
Human
Dunkin and Starbucks is an example of
competition