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Economics-3rd
Economic Review for 3rd Grade
Term | Definition |
---|---|
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? |