Economics
A plan that shows your income, expenses, and savings.
What is a Budget?
triple
Things that people must have to survive
What are needs?
triple
Things that people would like to have but can live without
What are wants?
Goods sent from a country or state
What is an export?
Value of the thing given up when a choice is made between two things
What is opportunity cost?
Triple
Someone who buys goods and services
What is a consumer?
Double
Actions done for others in exchange for payment
What are services?
Products that people consume or use
What are goods?
To receive money for a service.
What is earn?
Things in nature for which humans have found a use
What are natural resources?
Double
Someone who makes goods or provides services
What is a producer?
A resource that is a person using their talent or skill.
What is a human resource?
double
Resources that can continue to exist despite being consumed or can replenish themselves over a period of time even as they are used. Ex. sun, wind, water, geothermal and biomass
What are renewable resources?
Double
Name a capital resource in a bakery.
Examples: oven, bowls, baking pans
The three purposes of money
What is
earn, spend, save?
Give an example of a need.
Example: What is food, shelter, clothing, etc.
double
Give an example of a want.
What is candy, video game, soda, etc.
Double
A plan that shows how you earn, save, and spend money.
What is a budget?
Tell something you would need to save money for.
Example: bike, computer, phone, etc.
Triple
Tell something you would spend money on without having to save.
Example: gum, candy, pencils, etc.
Where buyers and sellers meet.
What is the market?
The use of products and services in ways that minimize impacts on the environment
What is sustainable consumption?
Give an example of something we import to Lanzarote
Examples: Cars, Electronics, Meat
What you give up in order to purchase something else.
What is opportunity cost?
Give an example of how a third grader could earn money.
What is raking leaves, doing chores, lemonade stand, etc.
double