Needs, Wants, Choices, Goods, Service
Define what a need is and give an example
The things you must have to survive. Examples: food, water, clothes, shelter.
To barter
Trading without using money
Name the three kids of resources and give an example of each
Natural (plants, woods, water, land, stone, gold)
Human (teachers, dentists, waiters, painters)
Capital (tools, buildings, machines, computers, factories, pencils, buttons, hammers)
A deposit means you...
Put your money in a bank
Leaves are not a good form of currency because they are not (portable / divisible / durable)
They are not durable
Define what a want is and give an example
The things you would like to have, but aren't necessary to live. Example: video games, TV, nail polish, etc.
Define scarcity
Not having enough of something
Define producer and give an example
A person who makes a good or provides a service. Example: cooks at a restaurant
When you make a withdrawal from the bank you...
Take out some of the money you have saved in your account.
Would large rocks make a good form of currency? Why or why not?
No, they are not portable nor easily divisible
Define what a good is and give an example
Anything that you buy that you can hold or touch. Example: food, books, apple, cars
Define interdependence and give an example
Depending on others to produce things that you need.
U.S. might get a certain fruit or other good from another country
Define a consumer and give an exmaple
A person who buys a good or service. Example: buying lemons, sugar, and cups to use for your lemonade stand
When you borrow money from the bank, you (pay / earn) interest
You pay the bank interest
True or False: The U.S. is the only country that has money called dollars
False. What other country has dollars?
Define what a service is and give an example
An activity we pay someone else to do for us. Example: docotrs, haircuts, movies, piano lessons
Define specialization and give an example
Making one kind of good or service
Florida exports oranges to Mexico, Florida imports bananas from Mexico
True or false: When I go to the store and buy my groceries I am a producer
Fasle. I am a consumer
When you put your money into a bank account, you (pay / earn) interest
You earn interest from the bank
True or False: Mexican currency are different lengths to make them easy to tell apart
True
I have $1. I can either buy a soda or two packs of gum with my money. I decide to buy two packs of gum. The soda is my...(finish the sentence)
Opportunity Cost
The price of an item will go(down/up) if the supply of the item goes up
If the supply of a good decreases, the price of the good will go (down/up)
Down
Up
True or False: I am making and selling braceletts at school. I am a producer and a consumer.
True.
There is an item I want to buy. At one store it costs $40. At another store it costs $30. Should I buy the item at the first or sencond store. Why?
Buy it from the second store. It is cheaper there and you will save $10.
True or False: Using money makes getting the things you need much easier
True