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Economic Definitions

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