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Economics
Economic Definitions
| Question | Answer |
|---|---|
| Goods | Tangible or physical things that people produce to satisfy people's wants or needs. |
| Services | Work done or duty performed for another or others |
| Producers | People who make or design products or goods and services |
| Consumers | People who use or purchase goods and services |
| Natural Resources | Resources God made and gave us through nature (For example, oil, water, trees) |
| Human Resources | People who work to make goods |
| Capital Resources | Man-made physical resources (For example, buildings, tools, equipment) |
| Scarcity | Not enough goods compared to the demand |
| Opportunity Cost | The single best alternative NOT chosen |
| Supply | The quantity or amount of a good or service that ARE available |
| Demand | The quantity or amount of a good or service that is wanted |
| Barter | To trade not using money |
| Wages/Salary | Payment for labor or service |
| Profit | Selling price Minus costs equals Profit ($$ - Costs = Profit/ EX.$10.00-$4.50 = $5.50) |
| Interest | Profit made on investing money |
| What are the advantages of an Assembly line production? | More Efficient, Greater output of goods, More Profits |
| What are some Disadvantages of an Assembly line production? | Boring Work, Creativity is Stifled (killed), Slower work if a worker is absent or not a hard worker |
| When demand is greater than the Supply of a good what happens to prices? | Prices go up |
| When the Supply is greater than the Demand of a good what happens to prices? | Prices go down |
| Name some examples of goods? | Oil, Food, Silk, Machines |
| Name some examples of services? | Medical, Dental, |
| Where is the best place to save money? | A Bank |
| What should one do if he doesn't have enough money to purchase an item today? | Save money over time to purchase it later |
| What are the uses of tax moneies? | Used to build roads, libraries, schools, hospitals |
| Identify things that tax monies are Not Used For? | Churches, Houses, Stores |
| Give examples of Private Property? | House, Church, Car, Clothing |
| Give examples of Government Property (Owned by the government of a country)(In America- By the people)? | White House, Capitol Buildings, Roads, National Parks |
| Describe what Good or Service you want to provide when you grow up and why? | I would like to buy a computer (goods) and make teaching videos, games and learning sites for schools. I want to make learning fun and help kids learn all they can. (service) |
| What are the Three Basic Types of Productive Resources? | 1) Natural 2) Human 3) Capital |
| Name two Natural Resources need to produce a lawn mower? | Iron and Oil |
| Name two Human Resources to produce a lawn mower? | 1) Engineering Skills 2) Technology Skills |
| Name two Capitol Resourcsto produce a lawn mower? | 1) Hammer 2) Screwdriver |
| Draw a Production Model? | Natural + Human + Capital Resources Imput Imput Imput All of these together = Good or Service (Output) |
Created by:
vmlmyway
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