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Economics 2nd grade

Vocabulary from Economics unit, SOLs 2.8, 2.9, 2.10

QuestionAnswer
What are natural resources? the materials that come from nature that are used to make a good or provide a service
What are human resources? the people who make a good or provide a service
What are capital resources? the goods used to produce other goods and services, like tools, buildings, and equipment
What is a producer? someone who makes a good or provides a service
What is a consumer? someone who uses a good or service
What is bartering? exchanging goods and services without using money
What is scarcity? when there isn't enough of something to meet all the needs and wants of all people
Wood, water, and soil are examples of what kind of resource? Natural
A hammer, truck, and machine are examples of what kind of resource? Capital
A teacher, doctor, and chef are examples of what kind of resource? Human
Sam cuts his neighbor's grass. His neighbor bakes him cookies. This is an example of ......? Bartering
I went to a restaurant for dinner. When I get my food and eat it, I am a .....? Consumer
I went to a restaurant for dinner. The chef who cooked my food is a .....? Producer
Created by: terrymp
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