Vocabulary and Key Ideas
A person who creates a product is called a...?
Producer
How has the way people use resources changed over time?
In the past, most resources were found locally. Today, resources come from around the world.
Describe the photograph using the words import and export. What questions do you have about this photo?
Imports are good that come from other countries and exports and goods sent to other countries from here.
Analyze the difference between a cost and a benefit.
Costs are risks, or what you give up, to get something. Benefits are the rewards of getting something.
Trees and water are...?
Natural resources
Explain why need to make trade-offs when making economic decisions.
There are not enough resources for people to have everything.
Equipment and building are...?
Capital resources
How do people get what they want and need?
There are many answers to this question. Mr. M will discuss if your answer is correct!