Vocabulary
Supply and demand
Supply is all the goods and services producers offer.
Demand is all the goods and services consumers buy.
Who is Jeff Bezos? How did he influence the way the consumers spend money?
Jeff Bezos is the head of Amazon. He shifted shoppers to spend money online instead of in stores.
How has people's shopping habits changes over time?
There are now more people buying goods/services online.
What is opportunity cost?
To give up something because of the choice made.
Who was George Washington Carver? What problems did he have during childhood?
GWC was once a slave who got adopted by Mr. and Mrs. Carver. He lost his family when he was young and received no education.
How does a company grow and how do you know Amazon was a successful company?
Companies grow when employees work hard. Amazon got more customers every year.
Producer and consumer
Producers make goods and offer services.
Consumers are like customers. Consumers pay money to producers to receive goods and services.
He used Assembly Line to produce more cars in shorter amount of time.
What is an ability? Where does it come from and why did God give different abilities to different people?
Ability is the quality of being able to do a job. God gives people these abilities because it takes many types of jobs to care for the earth together as a community.
Scarcity and Budget
Scarcity is having a limited amount of something.
Budget is a plan for using money.
How did George Washington Carver help the farmers? Where was his money donated to when he passed away?
GWC researched crops and taught farmers how to grow better crops for better money. He donated his money to Tuskegee Institute to research agriculture.
Why can't people buy everything they want? What do people usually do before they make choices about how to use money?
People have scarcity and they don't have enough money. Also, God wants people to spend money in a specific way. People weigh options before making choices. People also look at their budget.
Explain the relationship between supply, demand, consumer, producer, and price.
What impact did Henry Ford and George Washington Carver have on American history?
Henry Ford's use of assembly line is now used worldwide, lowering the cost of many goods and supplies. George Washington Carver helped the crops to grow better and farmers are now able to produce more crops.
What are the three types of resources? Define and give examples.
Capital resource: tools producers use. (Machines)
Human resource: people and the work. (A builder)
Natural resource: things found in nature. (Water, plants, oil, etc)