Economics (SOL 3.7) - 
Explain how producers use natural resources (water, soil, wood, and coal), human resources (people at work), and capital resources (machines, tools, and buildings) to produce goods and services for consumers.
How do producers use natural, human, and capital resources to produce goods and services?

  • Resources are used to produce goods and services.

  • Producers of goods and services are influenced by natural, human, and capital resources.
Natural resources: materials that come from nature
(water, soil, wood, coal)
Human resources: people working to produce goods and services
Capital resources: Goods made by people and used to produce other goods and services (machines, tools, buildings)
Producers: People who use resources to make goods and/or provide services
Consumer: Anyone who buys a good or service
Goods: Things that people make or use to satisfy needs and wants
Services: Activities that satisfy people’s needs and wants
Activities ~
MUST Read and Do These ~  *Goods and Services      *Producers vs. Consumers       

 

Matching Goods 

  

Goods Riddles

  

Matching Producer Activity
*Name the Resources *Match the Resource  

 
Economics (SOL 3.9) - 
Identify examples of making an economic choice and will explain the idea of opportunity cost (what is given up when making a choice).
People make choices because they cannot have everything they want.  
All choices require giving up something (opportunity cost).
Why does an economic choice involve giving up something else?
Economic choice: The choice of or decision among alternatives or possibilities  
Opportunity cost: The next best choice that is given up when a decision is made  
Scarcity: 

 

 a lack of supplies occurring because wants are greater than resources can provide.

 
Economic decision-making requires comparing both the opportunity cost and the monetary cost of choices with benefits.  

Economic Choices  
Choices Choices Made Choices Given Up (Opportunity Cost)
Ice cream OR popcorn   Ice cream   Popcorn  
Toy OR favorite video   Favorite video   Toy
Spend now OR save for the future  

 

 Spend now  

 

 Save for the future  

 

Activities ~

MUST Read and Do These ~     Opportunity Cost Shop           

               
Other Terms to Know! 
need: something that is necessary for living ( food, clothing, shelter)
want: something a person would like, but does not need in order to survive (bike, television, computer)
barter: to trade a good or service for another good or service without using money
supply: the number of items available
demand: the number of items wanted
interest: money that is earned by leaving money in the bank OR money paid for the use of borrowing money
economics: the study of the making and consuming of goods and services or the study of money and how people use it

Activities ~

MUST Read and Do These ~     Trade Museum   and   Supply and Demand Land

Economics (SOL 3.8) - 
Recognize the concepts of specialization (being an expert in one job, product, or service) and interdependence (depending on others) in the production of goods and services (in ancient Greece, Rome, the West African empire of Mali, and in the present).
Economic specialization and interdependence existed in the production of goods and services in the past and exist in our present-day communities.
What is economic specialization?
Economic specialization: Focusing on one product or service
Economic specialization occurs when people focus on the production of selected kinds of goods and services.
What is economic interdependence?
Economic interdependence: Two or more people depending on each other for goods and services
How did economic specialization and interdependence exist in ancient Greece, ancient Rome, and the empire of Mali?

Ancient Greece and Rome both focused on building ships, farming, and making pottery.

Specialization

 

In the empire of Mali, some people specialized in protecting the empire, while others specialized in growing food for the empire.

 

 

Greeks and Romans traded
their goods with Egypt and other nearby communities.

 

Interdependence

The people of Mali traded (gold for salt) with other people.
Does economic interdependence exist in our present day community?

Specialization ~

 Virginia is known for its expertise in shipbuilding.

Interdependence ~

Virginia sells its coal to other countries but depends on other countries for oil.
Activities to Review!
Economics Vocabulary Games More Economics Vocabulary Games Economics Rags to Riches
Economics Column Match Economics Matching

 

For Teachers
WebQuest ~  Economics:  An Exciting Entrepreneur Experience  (this site has a nice PPT!)