|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|