Resources
What do people make choices about every day?
How to use resources (example- as money)
What are goods?
Things that people make or grow.
What are services and service workers?
Services are jobs that people do to help others and service workers are people who get paid for their services.
How do people get goods and services they need and want?
By trading
What does saving money mean?
To not use the money right away, so that you are able to buy something later.
When the Archers are making a decision they think about what two things?
1- benefits of each choice
2- cost
What is the difference between a producer and a consumer?
A producer is someone who makes or grows goods. A consumer is a person who buys and uses goods.
What does specialize mean?
What is bartering?
Bartering is when you trade without using money.
How are loans and credit cards similar?
Both of these things allow you to spend money, you do not have. But you can pay it back at a later time.
What is opportunity cost?
The thing that you give up in order to get what you want.
If Linda goes to the store and buys 3 carrots and 1 doll. Is she a producer or consumer?
Consumer
Give 3 examples of service workers.
police officer, taxi drivers, librarians, firefighters.
What is the difference between supply and demand?
Supply is how much of their product producers have. Demand is how many people want their product.
Where is a good place to put money that you want to save and why?
Why did the Archers make a chart?
It shows the cost and benefits of each choice in a way that is easy to understand. It helped them make a choice.
Why did Farmer Green decide to sell strawberries instead of blueberries?
There are already many blueberry farms in her community. She knows she can earn a higher income is she were to sell strawberries instead.
What does supply mean? What did Ms. Anna give you today?
Quizzes
The demand is high. Mary can sell her candles for a higher price.
How is a savings plan helpful?
it helps people set goals for how much they need to save and how long it will take.
What was the Archers opportunity cost?
The board game
What is an example of a human resource, capital resource, and a natural resource?
human resource- workers
capital resource- tractor, money, equipment
natural resource- soil, water, sunlight
What is a tax? How are service workers paid?
Tax is money collected by the government to pay for services and pay service workers.
Why are goods traded between states and different countries?
The goods may be cheaper and easier to produce in a different place. Other places want what they are not able to as easily produce.
Tyler works for his neighbor by cleaning their pool every Tuesday and Friday. Each time, he gets paid $6. He is trying to save up for a new skateboard. The skateboard that he wants costs $168. He is making a savings plan to help him track how long it will be until he can buy the new skateboard. How many weeks will it take for Tyler to buy the skateboard?
14 weeks.