Vocabulary
Main Idea
Economics
Think Critically
Miscellaneous
100
An advertisement is information that a producer provides about its products or services
What are advertisements?
100
People in the Amish community work together to meet their needs. People in all communities need to buy products they cannot make and services they cannot provide
What is the main idea for Lesson 1?
100
Resources are important because without resources products cannot be made.
Why are resources important to producers and consumers?
100
When a population increases, more raw materials, products and services are needed to maintain the same standard of living. Each additional person requires clothes, food, medical care, and education. More raw materials are needed to provide the additional products.
How does population size affect demand for raw materials and products?
100
Companies that produce and sell the same product.
What is competition?
200
Basic needs are food, clothing and shelter.
What are basic needs?
200
People may read advertisements before they buy a product. Consumers must decide if they want or need a product and how much money they can spend.
What is the main idea in Lesson 3?
200
Supply is the amount of a product or service available to be sold. Demand is the desire or need that people have for a product or service. If demand is greater than the supply, then the price will go up, and vice versa.
How do supply and demand affect the price of products?
200
It allows citizens of each trading country to have more types of products than they would if they were restricted to what their own country could produce.
How do people in trading countries benefit from trade?
200
What you give up in order to get something else.
What is opportunity cost?
300
The person who buys a product or a service.
What is a consumer?
300
People work together in factories to make bicycle helmets. In a factory, work is done in steps to make a product.
What is the main idea for Lesson 2?
300
Tickle me Elmo
Give an example of something that is or was in demand.
300
With new technology, people can advertise in distant places. Then, when demand is created or increased, new technology helps in placing and filling orders, transporting the products from the manufacturer to the consumer, and helping consumers get answers to questions about the products.
What ways have new technologies helped people trade with others?
300
Products get to market in new and faster ways.
How is international trade today different from trade long ago?
400
The use of machines, tools and materials to make products faster and more easily.
What is technology?
400
People can carry items to marketplaces. People can ship items by train, truck or boat.
What is the main idea in Lesson 5?
400
Advertising can tell consumers about features that make one product more desirable than others.
How can advertising affect a consumer's choice?
400
Cars or trucks
What is one example of an import?
400
It means planning how to sell a product.
What is marketing?
500
An industry is made up of all the companies that make the same product or provide the same service.
What is an industry?
500
1. Designing the product 2. Getting the materials 3. Making the product 4. Marketing the product
What are the four steps for making a product?
500
It is to send a product or resource from one country to be sold in another country?
What is an export?
500
Use of computers for schoolwork, telephones for talking to people in other places, and cars to get to their soccer games.
What are three ways technologies have made your life easier or better?
500
To bring a product or resources into one country from another country.
What is an import?
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