Vocab
To travel regularly to and from a place of work
What is a commute?
Fossil Fuel Oil is an example of a Renewable or Nonrenewable resource?
Nonrenewable
Good or a service??
Cars
Good
People that start their own business are called...
Entrepreneurs
Which option most likely has a lower monthly payment, buying or renting?
Renting
the way a country manages its money and resources
What is an economy?
What natural resources can be found in Colorado?
Good or a service??
Bus Driver
Service
A grocery store is a: Producer or Distributor?
Distributor
If you buy a house, and then sell that house 20 years later, most likely you will...
Make Money!
Substances used in the primary production or manufacture of goods
What are raw materials?
What resources are needed to build a pencil?
Lead, Wood, and Rubber. Natural Resources.
Good or a service??
Barber
Service
What percent of a down payment do you need to make for your mortgage?
20%
The money needed to pay for the support and development of the business
What is capital?
What are the 3 types of resources?
Natural, Human, Capital
Good or a service??
Farmer
Good
External factors can be positive or negative. A competitor running out of product would be a positive or negative factor?
Positive! More customers might come to you.
Find the amount of money needed for a full down payment on a $100,000 house.
$20,000
A legal agreement that allows a person to borrow money for a home
What is a mortgage?
When building a home, electricians, plumbers, and builders are all considered what type of resource?
Human
Good or a service??
Plastic
Neither! This is a resource or material.
Identify a need. What is something you could sell at the Toss and Aim on Saturday?
What do you need to pay before you get your mortgage loan approved?
Down Payment