F.O.P.
Good or Service: haircut
service
Mrs. Ramos decides to open a bakery in her town. She finds a small shop in a busy neighborhood where she can bake fresh bread, cakes, and cookies each morning. She buys an oven, mixing bowls, and a display case for her baked goods. Mrs. Ramos spends hours every day making sure her treats are delicious, and she came up with the idea for her bakery because she noticed that many people in her community love baked goods.
What would be the entrepreneurship in this scenario?
Mrs. Ramos
As consumers, we have unlimited _______
wants
What does quantity mean?
the amount/how many
Tech expert: "Wait a year until technology improves before buying a 5G phone."
Price or demand?
Increase, decrease, stays the same?
demand, decrease
Material things that you can buy and sell are known as
Goods
The Jackson family buys a large plot of land to start an organic vegetable farm. They plant carrots, lettuce, tomatoes, and more. They have tools like shovels, watering hoses, and tractors to help them grow and harvest the crops. Each family member helps with different jobs on the farm. The Jacksons wanted to start the farm to provide fresh vegetables to local markets and promote healthy eating.
What would be the land in this scenario?
carrots, lettuce, tomatoes
Why does scarcity exist
because there is a limited amount of resources
What is supply?
the amount produced/available
Government enacts a tax on soda producers and the price of soda increases.
Price/Demand?
Increase, decrease, stay the same?
price, increase
What would be three goods that are present in a classroom?
answers vary
The Jackson family buys a large plot of land to start an organic vegetable farm. They plant carrots, lettuce, tomatoes, and more. They have tools like shovels, watering hoses, and tractors to help them grow and harvest the crops. Each family member helps with different jobs on the farm. The Jacksons wanted to start the farm to provide fresh vegetables to local markets and promote healthy eating.
What would be the capital goods in the scenario?
shovels, watering hoses, and tractors
What is a natural resource that is scarce or at risk of becoming scare?
answers vary
What is demand?
how much is wanted
The price of electric cars drops because the government subsidizes manufacturers.
Price/ Demand
Increase, decrease, stay the same
price, decrease
Goods used to create other goods are known as
Capital goods
Three friends decide to start a car wash in their neighborhood during the summer. They set up in a parking lot where they have buckets, soap, sponges, and a water hose. Each of them works on different parts of cleaning the cars, like washing, drying, and polishing. The friends thought of the idea because they wanted a way to earn some money while helping people keep their cars clean.
What would be the labor in this scenario?
washing, drying, and polishing
How can scarcity affect governments?
A government might have limited funds to build schools, hospitals, and roads, and must prioritize based on what’s most urgently needed
People who buy goods and services are known as
consumers
Hearing aids will now be sold without a prescription.
Consider the demand curve for computers. What happens?
price/demand?
Increase, decrease, stay the same
demand, stay the same
the owner of a business/idea maker
entrepreneur
Identify how the four factors of production are present in this scenario:
A couple opens a small coffee shop in the downtown area. They buy a coffee machine, tables, chairs, and supplies like coffee beans, milk, and sugar. They each take turns making drinks, serving customers, and keeping the shop clean. They decided to open the shop because they noticed a lot of people in the area wanted a cozy place to get coffee.
land- coffee beans, milk, sugar
labor- making drinks, serving customers, keeping the shop clean
capital goods- coffee machine, tables, chairs
entrepreneurs- the couple
What happens when a resource becomes scarce
The items that use that resource to produce them become more expensive to produce
As price increases, the supply ________________
increases
Synthetic meat is now cheaper because of a breakthrough in technology.
Consider the demand curve for real meat. What happens?
Price/ demand
increase, decrease, stay the same
demand, decrease