Economic Definitions
What is the difference between a want and a need?
A need is something that you can't do without.
A want is something you'd like, but not something essential.
What is a cost? What is a benefit?
A cost is something you have to give up to get something.
A benefit is something you get to have or enjoy.
Sunlight that helps a plant grow
Natural Resource
What is "Demand"?
The amount of something that someone wants.
What is the capital of California?
Sacramento
What is the difference between a good and a service?
A good is something you can touch or hold.
A service is work someone does for you.
If you're deciding between a lazer-tag party and a bowling alley party, what's an opportunity cost of picking the bowling alley party?
The lazer tag party.
A chef at a five star restaurant
Human Resource
What is "Supply?"
The amount of a resource that is available.
What does it mean to "irrigate" something?
To supply it with water to help it grow.
Capital Resources
Resources created by human beings.
What is the difference between cost and opportunity cost?
Cost is the literal price you pay for something.
Opportunity cost is what you give up (not only price) to pay for something.
Give me an example of a factory where human, capital, and natural resources are all working together. Identify each one.
Answers may vary.
A large billboard goes up outside New York City advertising a new phone. What will happen to the demand for the phone?
Demand will increase!
What are the four regions of Califonria?
Desert, Mountains, Central Valley, and Coastal.
What is the definition of Opportunity Cost?
What you have to give up when you make a choice.
What is an example of an opportunity cost you have faced at school?
Answers may vary
A factory that builds cars has replaced its people with robots. The robots are an example of which type of resource?
Capital Resource
The parts which go into making computers become more expensive. What will happen to the supply of computers in the world?
The supply will decrease!
What are three things dams can be used for?
Answers may vary.
(Generate energy, protect rivers, store water, etc."
What is the FULL and COMPLETE definition of economics we used in this unit? Include all needed terms. (There's four!)
The study of the production and consumption of goods and services
What are three costs involved with having a pet dog? Only ONE may be a cost in money.
Answers May Vary. Odor, time, attention, dog food, dog sitter, messy, loud.
A farmer uses a sprinkler system to water her plants.
Capital Resource
A new bagel store closes next door to another deli. What will happen to the demand for bagels at the deli which stays open?
Demand will go up!
WORTH 800 POINTS
Within TEN percentage point, what percent of the world's almonds are grown in California?
80%