True or False
Bartering is another word for trading or exchanging.
True
A __________ is something people would like to have but do not need.
Want
Which of the following is a service ?
a. An orange
b. A cupcake at a bakery
c. A hair dresser cutting your hair
c a hairdresser cutting hair
What does it mean to be a producer of goods?
It means to grow or make a project. Like a farmer growing apples.
What is the first step in the process ?
Milk is turned into cheese curds.
Cheese is sent to stores.
Cheese curds are packed and sealed.
A farmer gets milk from cows.
a farmer gets milk from cows
Wool is not a raw material.
False
A __________ helps you plan how to spend your money.
Budget
Which of the following are considered goods?
A. Haircuts and car repairs
B. shoes and books
C. ideas and advice
B. Shoes and Books
If something is hard to find or get it is ______ . Why might a raw material be hard to get ?
Scarse. It might be hard to get because the weather made it hard for the crop to grow or a lot of people want that good.
A factory may __________ cars in large amounts.
manufacture
Producers can also be consumers
True
To make goods, usually in large amounts.
Manufacture
A consumer is someone who:
A. Builds products in a factory
B. Sells items at a market
C. Buys and uses goods and services
C. Buys an uses goods and services
Why do countries trade with each other ?
They trade with each other to get the things they both need and it was used before there was money
It is a very hot day out. I only have 4 dollars. A water bottle is 3 dollars. An icee is 1 dollar. What should I buy ?
You can't get both. Get the water because it is something you need.
Weather can effect the production and price of crops.
True
Resources in their natural or original form.
Raw Materials
A farmer is growing apples. The weather is good while the apples are growing. What will most likely happen to the price of the apples ?
a. It will not change because of the weather.
b. It will be lower because there will be a lot of apples.
c. It will be high because there will not be enough apples .
B. It will be lower because there are a lot of apples
What is an occupation that helps children ?
Teacher
Is jam a raw material or produced product ?
produced product
When producers and consumers rely on each other it is an example of free enterprise.
False
(Interdependence)
A system where businesses can choose what they want to sell.
Free Enterprise
Which is not a raw material ?
a. mittens
b. wool
c. milk
d. strawberries
a. mittens
Amelia has $8 from helping her neighbor mow their lawn. She goes to the store with her sister and sees two things she wants, a box of color pencils and a coloring book. The color pencils are $3. The coloring book is $6. What do you think Amelia should do? Why ?
She can't buy both. She doesn't have enough and has to make a choice. She should get the color pencils since they're less and then work to get the book later.
A description of a process to determine the pros and cons of a decision or plan change.
Cost benefit analysis