VOCAB
to use something
What is to Consume?
to trade something for money
What is to Sell?
iron, timber, fertile soil, rare earth materials, oil, etc
What is a Natural Resource?
Land, capital, and entrepreneurship are the three main resources needed to make any product.
FALSE:
What is Labor?
Consumers make the goods and services that the citizens of their country need and want.
FASLE
What are Producers?
doing work for someone; public needs like transportation, education, customer service, or utilities
What is Service?
to send or move a thing to places where they are needed
What is to Distribute?
chicken, jeans, phone, chair, scissors, etc.
What is Goods?
Shipping fleets and caravans of cargo trucks distribute goods from the producers in countries around the world to the sellers that provide them to consumers.
TRUE
Natural resources come from nature.
to make; to manufacture
What is to Produce?
the things that people buy and use; products, merchandise, manufactured items
What are Goods?
a doctor works at the hospital
What is Labor?
Goods can come in many forms, such as public transportation, education, or even recreational activities that people pay to do.
FALSE:
What is Services?
the money, buildings, tools, land, and other equipment people can use to make goods or services
What is Capital?
the things that are used to create goods and services; the money, people, or materials a community can use to reach its goals
What are Resources?
the study of how individuals and nations make choices about the way to use scarce resources to fulfill their needs and want
What is Economics?
the utility company provides power to your house
What is Services?
When a country has scarce resources, it will start to interact with other countries that have that resource in hopes of importing it so their citizens can consume them.
TRUE
workers and their abilities or skills; the amount of time a person works
What is Labor?
materials found in nature that people can use
What is Natural Resources?
risk-taking individuals who start new businesses, introduce a new product, or improve a method of making something
What is an Entrepreneur?
a business is on a piece of land and has a building where it sells its goods
What is Capital?
A country will import goods that they have a surplus of in hopes of making money off of the natural resources, labor, and capital they have available to them.
FALSE
What is export?
Ms. Ford's cats name
What is Maouf?