Show:
Needs and Wants/Supply and Demand
Goods and Services
Producers and Consumers
Choice and Opportunity Cost
Resources
100
What are the three basic economic needs?
Food and water Clothing Shelter
100
What is a good?
Something that is made, can be bought or sold, and can be touched.
100
This is a person who uses a good or a service.
What is a consumer?
100
What is an opportunity cost?
The second choice that you give up when you make an economic choice.
100
Which of these is a natural resource? chisel pottery soil fireworks
soil
200
Is education a want or a need?
Want
200
Do car mechanics make a good or provide a service?
Provide a service
200
This is a person who provides a service or makes a good.
What is a producer?
200
If you purchase a toy and not a video game, which one is the opportunity cost?
The video game
200
Which of these is a capital resource? shaduf farmers stones water
Shaduf
300
What happens to the price of a good if the demand is very high?
It increases/goes higher.
300
Give an example of a good from ancient Greece.
Grapes, olives, wheat, pottery, statues
300
If you sharpen all the pencils in our classroom, are you being a producer or a consumer?
A producer
300
Why do people have to make economic choices?
Because there is not enough of everything to go around (scarcity) and because you can't always get what you want!
300
Name a human resource from ancient Greece.
What is shipbuilder, pottery maker, sculptor, trader, farmer, or priest?
400
If the price of gasoline rises, is the demand most likely high or low?
Demand is high.
400
Give an example of a service in ancient China.
Farming, fishing, terracing, building the Great Wall of China, trading on the Silk Road
400
If you get your hair cut at the salon, are you a producer or a consumer?
Consumer
400
What is the opportunity cost if you decide to play basketball at recess and give up playing sharks and minnows?
Sharks and Minnows
400
Define capital resource.
What is a tool or building used to make a good or provide a service?
500
If there are too many children and not enough laptops in the laptop cart, what is the supply and demand?
High demand, low supply
500
When there is a shortage of a good or a service, what is this called?
Scarcity
500
Describe how a chef is both a consumer and a producer.
He produces/makes food, but he is a consumer because he buys the food from a store or a farmer.
500
If you get applesauce with your lunch and don't choose the peaches, what is your opportunity cost?
Peaches
500
Which of these is an example of a natural resource that Virginia specializes in? Tourism Poultry farms Military bases Textile factories
Coal