What kind of resource would a hammer be?
capital resource
People pay money to get their hair cut. Cutting hair is a ______.
Service
You can't buy a person. However, you can pay money for their work, whether it's skilled or unskilled. If you use someone's work to help you produce crops, what type of resource is their work called?
human resource
French fries are super-popular in Taiwan these days! Some may say they're too popular, since Taiwan doesn't make enough potatoes for the Taiwanese demand. As a result, Taiwan will have to _____ potatoes from another country.
import
Name three kinds of natural resources.
(examples: wood, water, air, natural metals [ore], animals)
When you pay for something now (with time and/or money) in the hopes of benefits in the future, you are:
investing / making an investment
Taiwan is famous for its semiconductor chips, and so it ____ these products all around the world.
exports
A buyer is to a seller, just as a consumer is to a ______.
producer
Those who make and sell goods and services are called:
Producers
Your mom gives you $5 (USD) to go to the store and buy some bread. You look at your options - a small loaf of raisin bread and a large loaf of white bread. You choose the raisin bread. In economics, what would the white bread be called?
opportunity cost
Your mom gives you $5 (USD) to go to the store and buy some bread. You look at your options - a small loaf of raisin bread and a large loaf of white bread. You choose the raisin bread. It tastes sweeter, but it's smaller. That's a:
trade-off
You learn piano, which means you now are skilled with the piano. What economic term is this skill called?
human capital
Food is to a Nintendo Switch as Needs are to _____.
Wants
Who pays for roads, schools, and other public goods?
taxpayers
Rice, hair-cutting, and piano-playing skills are all worth money. They are all called... (goods, human resources, capital, costs)
capital
Your mom gives you $5 (USD) to go to the store and buy some bread. You look at your options - a small loaf of raisin bread and a large loaf of white bread. You choose the raisin bread because it's sweeter and healthier - these are:
benefits
