Week 27
What is a need?
Something you can't live without.
What is a producer?
Someone who makes a good or provides a service.
List a reason why people would use a bank.
Options: save money in an account, store their money, invest in their money, borrow money to help afford a house/college/car, loan businesses money
What percent of Nebraska's land is used for growing crops or livestock?
92%
What is a want?
Something you'd like to have, but can live without.
What is a consumer?
Someone who buys a good or a service.
Capital Resources: man-made tools/machines people use to help make goods or provide services.
What is an example of one?
Tractors, plows, irrigation systems, etc.
What is specialization?
When someone focuses on doing one thing really well.
What happens if the supply is high, but the demand is low?
The price will go down.
Scarcity is...
When there isn't a lot/not enough of something.
Natural Resources: Things found in nature that can be used by people for goods and services.
What is an example of one?
Using a tree for paper, etc.
What's an example of specialization?
Examples: A farmer growing corn, instead of other types of crops.
An athlete playing one sport because they know it best.
What are imports AND exports?
Imports: goods brought into the country
Exports: goods sent out to other countries
Trading goods without using money is...
Bartering
Human Resources: the people who work or do a job that provides a services or good for others.
What is an example of one?
A farmer growing crops to sell to their community, a barber cutting someone's hair, etc.
What does Nebraska best specialize in?
Agriculture
Scenario: the sweatshirt you've been looking at just got more expensive! What is something you, as the consumer, could do?
Options: save money, shop somewhere else, buy something else, etc.
Interdependence is...
When communities or countries rely on each other to get things done.
Entrepreneurial Resources: Tools such as books, websites, activities that people can use to learn how to start a business or create/sell a product or service.
What is an example?
Using Safari, Youtube, social media, etc.
Why do we grow certain things in Eastern Nebraska, instead of Western Nebraska?
The soil is more fertile here because of the Missouri River,
The soil is more sandy in Western Nebraska,
The weather is more diverse here (rain, snow)