Vocabulary
The amount of goods and services that producers will provide at different prices.
Supply
The families in this community have farms and grow their own foods. They also trade for goods with their neighbor's.
Traditional Economy
This community desires a new playground for their children, What is this?
Lake, Forests, Plants, oil, sunlight etc.
natural resources
The shortage of economic resources
Scarcity
Someone desires to buy new trendy shoes for themselves. What is this?
Private Want
List human Resources
Skills, Knowledge, efforts etc.
Decisions on how you spend your money and time and because we have limited resources.
Opportunity Cost
Market Economy
Tonight Will is thinking about eating out for dinner at the new Raising Canes in town with his friends because he doesn't feel like cooking at home. What is this?
Name some natural resources
Oi, Soil, Sunlight, water, etc.
Jerry has asthma and he was just running a 5k this morning. He was looking for his inhaler, but he lost it. He spends money and buys an inhaler to survive. What is this?
This is a need.
Buildings, Roads , Materials, Machines, etc.
Capital resources
economics
The study of how societies chose to use resources to produce goods
In this country tax is really high and businesses make most of their decisions but not all. The government takes care of peoples needs.
Mixed Economy
Melissa is overdue for a haircut, so she goes to the hair salon to get a trim. Emily is a hairdresser and she is going to assist Melissa to give her a haircut. What is this?
This is a service.
the initiative to improve goods and services or create new ones
Entrepreneurial Resources