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Ancient Economies

Social Studies SOL 3.7

What produces goods and services? RESOURCES
What are 3 kinds of resources? natural, human, and capital resources
What kind of a resource is the Mediterranean Sea? NATURAL resource
What transportation GOOD did ancient Greece and Rome produce? SHIPS
What is TRANSPORTATION (to trade or ship goods)? SERVICE
Miners in Mali were what kind of resource? HUMAN resource
What resource is materials that come directly from nature (e.g., water, soil, wood, coal) NATURAL resource
What resource is people working to produce goods and services? HUMAN resource
What resource is Goods made by people and used to produce other goods and services (machines, tools, buildings)? CAPITAL resource
Who are people who use resources to make goods and/or provide services? PRODUCERS
What are things that people make or use to satisfy needs and wants? GOODS
What are ACTIVITIES that satisfy people’s needs and wants? SERVICES
What are ancient Greece's ships, pots, and farm food examples of? GOODS
Ancient Greek and Roman fisherman, farmers, and pottery markers provided WHAT? SERVICE
What natural resource was by ancient Rome? RIVER
What natural resource did Empire of Mali possess? GOLD
What natural resource did Mali people want (to trade)? SALT
Why do jobs have to be SPECIALIZED? People and regions cannot produce everything they want. They don't have enough RESOURCES.
Why do people TRADE? People trade for things they need and want but do not have. Trading is beneficial (GOOD).
What is SPECIALIZATION? Certain people produce selected goods and services.
Is specialization of jobs good for trade? YES! Consumers want to buy goods and services they don't have.
Created by: ccyndimolina