Goods & Services
What is a producer
Someone who creates a good or service
What are the 3 resources?
Capital, human and natural resources
Your mom uses a bowl to make a batch of chocolate chip cookies. The bowl is an example of what type of resource?
Capital
What is scarcity?
When there is not enough of something
Water is very important, when we are thirsty our bodies are telling us to drink water. We cannot live without water.
Is water a need or want?
A need
What is a consumer?
Someone who purchases goods and services
What is an example of a natural resource?
Water, soil, dirt, trees, rocks
Your neighbor uses soil to plant flowers. The soil is an example of what type of resource?
Natural
Is getting baseball cards from a friend trading or bartering?
bartering
Toys are fun to play with, if we lose our toys we will still be alive and well.
Are toys a need or want?
A want
What is a service?
Something provided for a person
What is an example of a human resource?
A chef, baker, cashier etc
A friend asks you to help him build a fort in his backyard. Your help is an example of what type of resource?
Human
A desire to do or have something.
What does the word portable mean?
If something can be transported / carried.
What is a good?
A product purchased from somewhere.
What is an example of a capital resource?
Spoon, utensils, bowl etc
What is the difference between trading and bartering?
trading is involving money and bartering is not involving money.
What is a need?
Something that is required because it is important
What does the word durable mean?
is able to last, does not damage easily.
What is a productive resource?
Natural, human and capital resources
What is a productive resource of a chef?
oven, knife, spatula, bowl, mixer, spoon, veggies, fruits, meats etc.
Is getting a video game from an arcade trading or bartering?
Trading
What is a specialist?
someone who specializes in the production of only one good or service.
Each thing or unit holds the same value (looks exactly the same)