Economics

Economic Vocabulary

§        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

§        Goods: Things that people make or use to satisfy needs and wants

§        Services: Activities that satisfy people’s needs and wants

§        Economic specialization: Focusing on one product or service

§        Economic interdependence: Two or more people depending on each other for goods and services

§        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

Economic specialization and interdependence of communities in the past:

·       Ancient Greece and Rome both focused on building ships, farming, and making pottery. (Specialization)

·       Greeks and Romans traded their goods with Egypt and other nearby communities. (Interdependence)

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

·       The people of Mali traded (gold for salt) with other people.  (Interdependence)

 

Economic specialization and interdependence in the present:

·       Virginia is known for its expertise in shipbuilding. (Specialization)

·       Virginia sells its coal to other countries but depends on other countries for oil. (Interdependence)

 

Economics Web Links

Econ Explorers Club for Kids
Econopolis (1998 ThinkQuest Junior Project)

KidsGov- Money  

 

 

Type:	SOL:	Name:	Description:
	3.7	Producers	An interactive website that explains producers
	3.7	Consumers	An interactive website that explains consumers
	3.7-3.9	Young Investor	Information and games to play about money
	3.7	Let's Find a Deal	Drag the person to the column that best reflects their activity
	3.7	How People Make...	Watch the videos on how products are made and then do the online activity
	3.7	Simple Simon Met a Pie-Man	Interactive flash story about producers and consumers
	3.7	Simple Simon Met a Pie-Man Quiz	Interactive flash activity - answer the questions after reading the story  (lesson plan)
	3.7	Goods and Services	Excel activity
	3.8	Norman Rockwell's Curiosity Shop	Match the good with the service
	3.8	Delivering the Goods	Read about the goods and services people provide then match them
	3.8	Mystery Workers	Drag the person to the correct picture that describes what service he provides