Show:
Vocab
Resources
Trade
Money
Short Answer
100
Someone who buys goods or uses a service
What is a consumer
100
The three types of resources a business uses
What is natural resource, capitol resource, and human resource
100
Main product of United States
What is steel
100
Who grows the things people buy
What is a producer
100
Why is it important to have a budget?
Save money Plan savings / expenses Pay for expenses
200
Money you receive for the work you do
What is income
200
Climate is an example of what kind of resource
What is natural resource
200
What invention (Henry Ford) helped speed up production
What is assembly line
200
True or False: a savings account helps you increase you income
False
200
Why do farmers in different regions grow different crops?
Soil Climate Availability of seeds
300
shortage of certain goods
What is scarcity
300
Workers are what type of resource
What is human resource
300
Trade within our country
What is domestic trade
300
What is included in a budget?
What is income and expenses
300
What happens if a crop is high in demand?
Make more More profit Could charge more for it Not many people would have it (scarcity)
400
The way a place uses its money, goods, natural resources, and services
What is economy
400
Machines are examples of what type of resource
What is capital resource
400
Trade with another country
What is international trade
400
What two things affect how much of a product the business will make
What is supply and demand
400
Why is trade important to us?
Get things don't have or can't make Supports economy Help other countries get things they don't have Make money for businesses
500
What you give up in order to get something else
What is opportunity cost
500
Give an example for natural, capital, and human resources for a farm
Human - Workers, farmers Capital - Machines, tractors, Computers, etc Natural - soil, land, climate, weather, etc
500
What do we share with our sister city?
What is cultures, products, goods, language
500
The business of growing crops and raising animals
What is agriculture
500
Describe how a business would price its goods. What would it have to keep in mind?
Raise it a little from the factory price - to make a profit Needs to keep CONSUMER in mind - supply and demand