Easy
What does it mean when we say resources are “scarce”?
→ They are limited, so people and businesses must make choices about how to use them.
Who is an entrepreneur?
→ A person who starts and runs a new business, taking on financial risks for profit.
Why do people work?
→ To earn money and learn new skills.
What do we call the money spent on supplies to make a product?
→ Materials cost
Is a video game a need or a want?
Want
What is an opportunity cost?
→ The next best thing you give up when you make a choice.
Why might innovation be important for small businesses?
→ It helps create new products or improve existing ones to stay competitive.
What is a business?
→ A place or group that makes or sells goods or services.
If it costs $5 to make a product, should you sell it for $5? Why or why not?
→ No
Name one trait of an entrepreneur.
Creative, hardworking, confident, risk-taker, problem-solver
What is a budget?
→ A plan for how to earn and spend money wisely.
What does “economic interdependence” mean?
→ When countries rely on each other through trade, investment, tourism, or technology.
What does it mean when we say resources are “limited”?
→ There isn’t enough of everything for everyone.
If a product takes a long time to make, how does that affect the price?
→ The price should be higher to cover time cost
Is a faster phone an invention or an innovation?
Innovation
Why does the government collect taxes? With examples
→ To fund public goods and services such as health, education, and infrastructure.
What is an example of a sustainable business choice?
→ Using local suppliers and reducing packaging waste to protect the environment.
What is one way people can make good money choices?
→ By saving some of their income instead of spending it all.
A product costs $6 in materials and $4 in time.
→ $30
A student notices classmates forget their lunch utensils and sells reusable ones.
What problem is the business solving?
Reducing waste and helping students remember utensils
What does it mean to be a responsible consumer?
→ Buying only what is needed, supporting ethical products, and avoiding waste or harm to the environment.
How does financial literacy help individuals and businesses?
→ It allows them to make informed decisions about spending, saving, and planning for the future.
What is one way businesses can help the environment? →
By recycling, reusing materials, or reducing waste.
Why might a business choose a lower price even if it makes less profit?
More customers
How do businesses solve problems?
By creating products or services that help people