louisiana’s economy resources and rewards. basic economic concepts section 1 - vocabulary
TRANSCRIPT
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Louisiana’s Economy
Resources and Rewards
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Basic Economic Concepts
Section 1 - Vocabulary
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Define goods
Goods are physical items
List examples of goods
•Car
•House
•Clothes
•Food
•Books
•Television
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Define services
Services are activities people do for a fee.
List examples of people who perform services
•Teacher
•Postman
•Hair Stylist
•House Painter
•Musicians
•Mechanic
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Define consumer
A consumer is a person who satisfies a want or need by buying a good or service.
Define producerA producer is a person or business who uses resources to make goods or provide services.
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Look at the pictures below. Discuss the consumer and producer from each picture.
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Define natural resourceNatural resources are gifts from nature
Define capital resourceCapital resources are the money and property
Define human resourceHuman resources are people who produce goods or services
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Discuss the three types of resources found in the photograph below.
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Define scarcity
Scarcity means that people want or need more than the available resources can supply.
Discuss what happens after a big hurricane. Everyone needs to fix the damages on their homes. People begin to purchase items from the lumber yard. How does scarcity effect this situation.
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Define opportunity benefitOpportunity benefit is the item purchased or chosen or the value of the item purchased or chosen when a choice is made
Define opportunity costOpportunity cost is the item you did not choose or the value of the next best alternative given up when a choice is made
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You go to the mall with $60. Make a choice on the items you will purchase. Now explain which item(s) are opportunity cost or opportunity benefit.
$15
$10
$35
$20
$40
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Define supplySupply is the quantity of goods or services offered for sale
Define demandDemand is the quantity of goods or services people are willing and able to buy
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Discuss what happens if the everyone in the town
of Abbeville goes to McDonald’s on the same day at the same time and
orders the exact same thing. What does this
have to do with supply and demand?
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Define profit
Profit is the amount left after costs are subtracted.
Price Item Sold for – Cost to Make Item = Profit
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Define traditional economyTraditional economy customs, beliefs, and habits determine how the four basic questions are answered.
What to produce
How to produce
How much to produce
For whom to produce
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Define command economyCommand economy the government controls the economy and answers the four basic economic questions
What to produce
How to produce
How much to produce
For whom to produce
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Define market economyMarket economy individuals answer the four basic economic questions based upon supply and demand.
What to produce
How to produce
How much to produce
For whom to produce