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Economics-3rd

Economic Review for 3rd Grade

TermDefinition
natural resources These are materials that come from nature.(water, soil, coal)
human resources People working to produce goods and services. (farmers, miners, builders)
capital resources Goods made by epole and used to produce other goods and services (hammers, computers, factories)
services Activities that satisfy people's needs and wants
producers People who use resources to make goods and/or provide services
consumers People who buy or use goods and services.
Natural Resources in Greece peninsula, mountains/hills, islands, Mediterranean Sea, soil for farming, rock for columns
Human Resources in Greece shipbuilders, fishermen, traders, farmers, pottery makers
Natural Resources in Rome Tiber River, soil for farming, trees, Mediterranean Sea
Human Resources in Rome gladiators, fisherman, traders, road builders, farmers
Natural Resources in Mali gold mines, salt mines in deserts
Human Resources in Mali traders, griots
Economic Choice A choice or decision a person makes between two alternatives or possibilities
Opportunity Cost The next best choice, the choice that is given up when a decision is made
Monetary Cost How much an item costs
Specialize when people focus on producing a certain kind of good or service
Ship Building What does Virginia specialize in?
Hamburgers A student has to choose between hamburgers or pizza. She chooses pizza. What's the opportunity cost?
Skating A student has to choose between going skating or a movie. They choose the movie. What was the opportunity cost?
Created by: amanda_doyle
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