Vocabulary
Vocab
I don't know
Corndog
Scenarios
100

What are goods?

Things that are made or grown. 

Example: Girl Scout cookies are goods

100

What is consumption 

using a product or resource 

100

Name 3 natural Resources 

wood, iron, oil, wheat, oranges, apples, fruit, vegetables etc. 

100

Is a farmer a producer or consumer? 

A farmer is a producer! 

100

It is the day before the 4th of July holiday and the fireworks stand is almost out of fireworks. What will happen to the price of fireworks?

The price will go up.  

200

What is a service? Provide example. 

Work that someone does for someone else

  • Example: a barber supplies a service when they cut your hair. 

200

Giving up what you want for what you need is called

Opportunity cost

200

What happens if you had your own lemonade stand and all of a sudden 2 more lemonade stands open up on your street? What would happen to your business? How could you compete with the other businesses? 

The business would slow down as it dispersed. To compete you would have to either lower your prices or come up with something competitive. 

200

What is a natural resource? Give an example! 

Something that comes from the earth such as oil, oranges, wood! 

200

If you are buying dog food for your dog are you a consumer or a producer? 

You are a consumer! Even though you are not eating the dog food yourself, buying it from the store makes you a consumer! 

300

What is a Producer? 

A person or company who makes or supplies goods or services. 

A farmer is a producer because they grow goods for people to purchase.

300

What does barter mean? 

Trading goods without using money 

300

Name 3 ways you could make money as a kid

chores, making something to sell, selling old toys or clothes, 

300

Can you remember any businesses that started locally in North Carolina? 

Krispy Kreme, Pepsi, Cheerwine, 

300

There are lots of holiday ornaments still on store shelves the day after Christmas. What will happen to the price of the ornaments?

The price will go down. 

400

What is a consumer? 

A person who buys goods or services. 

You are a consumer every time you buy something from the store. 

400

What might happen if there is a scarcity of something? 

There is a shortage. There is not many. 

400

What does local economy mean 

 It's the way people spend money and the way people make money in your community. For example a local coffee shop down the road is unique to our town. 

400

How does location impact needs? Give examples

Location impacts what people need based on what the weather is like, what the landscape is like, what kind of recreation happens in a place etc. For example if you live by the beach you will need sunscreen and a bathing suit. 

400

An oil well explosion reduces the amount of oil available to make gasoline for cars and trucks. What will happen to the price of gas? 

The price will go up. 

500

what is a Entrepreneur? 

 An entrepreneur is someone who starts their own business.

500

What is supply and demand? 

Supply and demand means how much of something there is and how often it is bought. For example if there is a big demand for pokemon cards the supply will go up to meet the demand. 

500

What does economics mean 

 It's the way people spend money and the way people make money.

500

What would an example of a want be if you lived in the mountains? 

A kayak, a snowboard, skis, a snow mobil, a 4 wheeler, an Xbox, an I pad

500

A car dealer has too many cars of last year’s model still on his lot left to sell. The new models will be delivered next week. What will happen to the price of last year’s model cars?

The price will go down.