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3rd grade history Economics

Question Answer
What are the three types of economic resources? human, natural, and capital
Human resources are the people who do the work
Natural resources are materials that come from nature and are used in certain jobs
Main types of natural resources trees, water, air, soil, rocks, plants, animals, metals, minerals, sunlight
Capital resources are buildings, equipment, tools, and vehicles used to do jobs
What are the 4 basic needs of survival? food, water, clothing, shelter
What is economic choice? to make a decision between two possibilities
Why do we have to make economic choices? There is not enough money to buy everything we want and need
What is opportunity cost? Our second favorite thing that we give up to buy or do our very favorite thing
What are goods? Things people grow or make to sell and things that people buy and use
Some examples of goods farmer grows vegetables, fruit, and raise animals to sell
What are services? activities that people do to make money and satisfy the wants and needs of others
Some examples of services hair cutting, teacher, plumbing, bus driving, doctor, nurse, dentist
What is economic specialization? focusing on one job or service that you are specially trained to do
What is economic interdependence? When one specialist needs a different kind of specialist.
Examples of economic interdependence: A teacher needs a mechanic to fix her car. The mechanic needs the teacher to teach his children.

A plumber gets cut and needs a doctor. The doctor has leaky pipes and needs the plumber.

What is an economic consumer? a person who buys goods or pays for services
What is an economic producer? a person who makes goods or does services to make money
What is scarcity? Not being able to meet all wants and needs at the same time.
Examples of scarcity: A store is out of Xbox consoles and more people want to buy one.

A child is sick and the doctor has no more appointments available.

What are some specializations for the state of Virginia? ship building, coal, ham, peanuts