Basic Economic Language Group 1

Goods can be used in different ways. Goods is anything that satisfies a person's wants. Bringing a person satisfaction can be known as utility where as bringing a person dissatisfaction is known as disutility.

Services are known as tasks that you pay other people to perform for you. An example would be the people who care for you at your doctor's office, the person cutting your hair at a salon or barbershop, or the waiter at your favorite restaurant. These are all examples of people demonstrating service.

When it comes to goods and services, there are things known as tangible and intangible. Tangible is anything that can be felt or touched. Intangible is something that cannot be felt or touched.

Place X for those that apply

Resources

Without resources, good and services cannot be produced. This is because our world lives in scarcity and since our would has limited resources, economists spend the time to study and classify these resources.

There are two resources that economists differentiate from and that is between renewable and nonrenewable resources.

Renewable resource is a resource that can be use repeatedly because it is replaced naturally. For example, water and timber are renewable resources. Where as a nonrenewable resource cannot be quickly replaced by natural means.

Place X to those that apply.

Economists place resources in four categories such as land, labor, capital and entrepreneurship.

Land

The resource land includes all the natural resources found in nature. For example, forests, water, minerals, animals, and forests.

Labor

Labor is the physical and mental talents that people provide to the production of goods and services. Examples of this can be the weatherman telling us what they predict the weather will be tomorrow. Another example of labor, can be our economics teacher, Mrs. Murphy.

Capital

Capital is known as the produced goods that can be used as resources for further production. For example: tools, computers, trucks, and buildings

Entrepreneurship

This refers to the special talent that some people have for searching out and taking advtangeof new business opportunities, as well as for creating new products with different ways of thinking. Mark Zuckerbeg, creator of Facebook is a prime example of an entrepreneur.

Instructions

There are 10 terms that we have presented to you. It is time to test your knowledge with your group to see if you remember them. 3 groups will be given 3-4 terms and you will be given a maximum of 2 minutes to guess all your terms. The group with the fastest score wins!

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