Goods, services and resources
A hammer is a ______________ resource.
capital
What three taxes do we pay?
income, property, and sales
The amount of a good
supply
What is the cost in cost-benefit analysis
The thing you are missing out on or the negative of the choice.
Trees are a __________ resource.
natural
What do the taxes we pay help pay for?
Roads, public schools, firefighters, police, military
How badly people want to buy something
What is the benefit in cost-benefit analysis.
The positive or the thing you are getting from your choice
A need or want that you buy. This is something that you can touch.
Good
this is that tax that is paid when you buy something from a store
sales
Jesse and Kimm own a farm. They have twenty hens that produce eggs. They sell the eggs to supermarkets across the state.
In April, many people wanted to buy eggs for Easter. Was the demand for eggs higher or lower than normal?
Higher
Hunter went to the movies instead of studying his multiplication facts
What is the cost of his choice?
No knowing his multiplication facts/ not studying.
Something you pay someone else to do for you.
service
This is the tax that you pay that comes out of your paycheck
Income
In August, Jesse and Kimm bought ten more hens. Did this cause the supply of eggs to go up or down?
Up
Ashley studied her spelling words instead of watching TV and got a 100% on her spelling test.
What is the benefit of her choice.
Getting 100% on her spelling test.
A baker is a ____________ resource
Human
What do all three taxes have in common?
They all are a percentage.
October was national pancake month. Because of this, many people stopped buying eggs. Did this cause the demand to go up or down?
Down
Sally was asked to be on the debate team. This requires lots of after school practices and contests over the week nights. This will look really great on college applications and might help her get into her favorite college.
What are the costs AND benefits. Give 2 of each.
Cost: she will have to do after school practice, she will not get free time after school, she will have to do extra work.
Benefit: it will look good on college applications, she may get into her favorite college, she may make new friends.