Answer:
People have economic wants that can be satisfied by consuming goods and services.
• Goods are objects that satisfy people’s wants. Goods are produced by people, businesses,
or the environment itself.
• Give some examples of goods you consume. (Cereal, milk, clothes, books, toys, water, air)
• Services are actions that satisfy people’s wants. Services are produced by people, businesses, or the environment. For example, when the school nurse takes care of a student,
the nurse is providing a service.
• Give some examples of services you consume. (Haircuts, watching a baseball game, shade
from a tree, flowers in the woods)
• The value of goods and services is measured by how much people are willing and able
to pay for them. The value of a good or service depends on the amount of satisfaction
a consumer would receive from it.
• Resources are things that are used to produce goods and services.
• Human resources are people who do mental and/or physical work to produce goods
and services.
• Give some examples of human resources. (Barber, doctor, teacher, clown, baseball player,
doctor, nurse, lawyer, bus driver, mechanic, store clerk)
• Capital resources are goods that have been produced and are used to produce other
goods and services. These are things made by people and used over and over again,
such as tools and machinery, in the production of other goods and services.
• To produce a haircut, a barber uses capital resources such as a barber chair, scissors,
combs, and a clipper.
• Name some other examples of capital resources. (Stethoscope, truck, bus, projector,
desks, chairs)
• Natural resources are things that occur naturally in and on the earth that are used to
produce goods and services. Water is a natural resource.
• Name some other examples of natural resources. (Land, trees, coal, gold, silver, air, oil)
• All resources are scarce; that is, people want to produce more goods and services with
resources than are possible. Because people can’t produce all the goods and services
they want, they must make choices.
• Choosing to use resources to produce one good or service means that these same
resources can’t be used to produce another good or service. For example, if a tree is used
to produce pulp for making paper, that same tree can’t be used to provide shade.
• Opportunity cost is the value of the next-best alternative when a decision is made.
When a good or service is produced, the opportunity cost is another good or service the
resources could have been used to produce. So in the tree example, the cost of producing
paper is the value of the shade given up.
Explanation:
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