Vocabulary 1
goods
This is something that we must have to live and survive.
needs
What is a resource?
Something that is used to meet our needs
What do we call it when something is almost gone or all gone?
scarcity
What do we call keeping track of money that you spend and making sure you don't spend too much money?
budget
What is something someone does for someone else?
service
This is something that we would like to have.
wants
What are the 3 types of resources?
human, natural, capital
Exchanging money for goods is called ___________
trade
What do we call the study of money and our choices?
economics
What do we call people that buy goods?
consumers
When given a choice between 2 things, this is what we call the item that we give up.
opportunity cost
This type of resource is the people who provide the service.
human resource
barter
car vs. plane
Explain what your choice is and what your opportunity cost is.
your choice is the one you choose-
your opportunity cost is the one you do not choose
producers
When making a choice, this is what we call the good parts of that decision or what we get from making that choice.
benefit
This type of resource is the kind that comes from nature. Nature provides this resource for us.
natural resource
Barter or Trade?
I am using eggs to buy wheat from the farmer.
barter
quiet classroom vs. noisy classroom
Give a cost and benefit of choosing a quiet room.
examples:
benefit of a quiet classroom: get things done, no one is bothering you, easier to think
cost of a quiet classroom: bored, everyone will hear little noises (tapping feet or pencil)
Think of a school. Give me an example of goods and services that you would see in a school.
examples of services: teacher, principal, cooks, cashier, secretary, custodian, counselor
examples of goods: desk, chair, pencils, crayons, playground equipment, paper, iPad
When making a choice, this is what we won't get or lose from making that decision.
cost
This type of resource are the tools or goods that are used.
capital resource
I am using a $5.00 bill to buy some eggs from the farmer.
Trade
spending money vs. saving money
Give me a cost and benefit of saving money.
examples:
benefit of saving money: you still have money, the amount gets bigger, feel better that you have some money saved, have money in case of an emergency
cost of saving money: you don't get to spend it and get what you want