Basic Economic Questions
Presentation
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Social Studies
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8th Grade
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Practice Problem
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Easy
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Used 43+ times
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10 Slides • 10 Questions
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Basic Economic Questions
What every economy, business and consumer must answer!
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How do businesses make money?
Businesses make money by selling goods and services
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Open Ended
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Goods
Goods are physical objects such as:
Computers
Sneakers
Cars
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Services
Services are actions that a person performs for another person, such as:
Teaching
Cleaning
Fixing my car
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Multiple Choice
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Multiple Choice
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Open Ended
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What are resources?
Resources are the materials from which goods and services are made.
There are 3 types of resources.
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Human Resources
A person’s knowledge, skills, attitudes and abilities determine that individual’s value as a human resource. The more rare the skill, knowledge etc. the more valuable and higher pay.
Ex. Unskilled workers- low pay
Teachers- high level of education, higher pay Doctors- a lot of education and rare skills, well paid NFL quarterbacks- rare physical abilities, very well paid
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Multiple Choice
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Natural Resources
Raw materials from which goods and services are made, such as:
Land
Timber
Oil
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Multiple Choice
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Capital Resources
Money and property used to produce goods and services, such as:
Tools
Buildings
Machines
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Multiple Choice
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My Pizzeria
Imagine we start a pizza business. What are the Human Resources, Natural Resources, & Capital Resources ?
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Open Ended
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Open Ended
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Open Ended
Basic Economic Questions
What every economy, business and consumer must answer!
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